Homework Help: finance

Posted by giuseppe on Tuesday, February 1, 2011 at 6:08pm.

For this assignment, imagine you are the accountant for Floral Design Company and are assigned to prepare the monthly bank reconciliation. Complete this task, by using the data below:
1. Complete the bank reconciliation for the month of June.
2. Prepare the journal entries required by the reconciliation.
Floral Design Company’s bank statement for June shows the following data:
• Balance on June 1 $12,350.
• NSF check $175.
• Balance on June 30 $14,280.
• Collection of note receivable $505.
The cash balance per books at June 30, was $13,292. Your review of the data reveals the following:
1. The NSF check was from Bobble Co, a customer.
2. The note collected by the bank was a $500 note with $5 interest.
3. Outstanding checks at June 30 total $2410.
4. Deposits in transit at June 30 total $1752.

No one has answered this question yet.

Answer this Question

Related Questions

accounting - I need help with the layout on how to prepare a bank reconciliation...
Business Finance - Please help!!!!!!!!!!! On November 1, 2009, Broom Company ...
ACCOUNTING - Need to prepare the bank reconciliation for Multi-Plex Health care ...
math - On November 1,2009, Broom Company received a bank statement that showed a...
math - On May 31, 2011, James Logan Company had a cash balance per books of $6,...
business - On May 31, 2011, James Logan Company had a cash balance per books of...
accounting - On May 31, 2011, James Logan Company had a cash balance per books ...
floral design - when floral design first emerged as an art form,emphasis focused...
Business Fiance - On November 1, 2009, Broom Company received a bank statement ...
Business - What type of accountant would collect information on a firm's ...

For Further Reading

First Name:
School Subject:
Answer: