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April 29, 2016

# Homework Help: math

Posted by vivian on Monday, October 25, 2010 at 11:33pm.

On May 31, 2011, James Logan Company had a cash balance per books of \$6,781.50. The bank statement from Farmers State Bank on that date showed a balance of \$6,404.60. A comparison of the statement with the cash account revealed the following facts.
The statement included a debit memo of \$40 for the printing of additional company checks.
Cash sales of \$836.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for \$886.15. The bank credited Logan Company for the correct amount.
Outstanding checks at May 31 totaled \$576.25. Deposits in transit were \$1,916.15.
On May 18, the company issued check No. 1181 for \$685 to Barry Trest, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Logan Company for \$658.
A \$2,500 note receivable was collected by the bank for Logan Company on May 31 plus \$80 interest. The bank charged a collection fee of \$20. No interest has been accrued on the note.
Included with the cancelled checks was a check issued by Bridgetown Company to Tom Lujak for \$800 that was incorrectly charged to Logan Company by the bank.
On May 31, the bank statement showed an NSF charge of \$680 for a check issued by Sandy Grifton, a customer, to Logan Company on account.

a. Prepare the bank reconciliation at May 31, 2011
b. Prepare the necessary adjusting entries for Logan Company at May 31, 2011

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