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Chung Company deposits all cash receipts...?

• Chung Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2011, its Cash account shows a $15,500 debit balance. Chung’s May 31 bank statement shows $13,800 on deposit in the bank. Prepare a bank reconciliation for Chung Company using the following information. a. May 31 cash receipts of $2,200 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. b. Outstanding checks as of May 31 total $1,600. c. The May 31 bank statement included a $100 debit memorandum for bank services; Chung has not yet recorded the cost of these services. d. In reviewing the bank statement, a $400 check written by Wald Company was mistakenly drawn against Chung’s account. e. A debit memorandum for $600 refers to a $600 NSF check from a customer; Chung has not yet recorded this NSF check.

• Answer:

  Cash account shows a $15,500 debit balance. c. The May 31 bank statement included a $100 debit memorandum for bank services; Chung has not yet recorded the cost of these services. Subtract 100 from cash account e. A debit memorandum for $600 refers to a $600 NSF check from a customer; Chung has not yet recorded this NSF check. Subtract 600 from cash account 15,500 - 100 - 600 = $14,800 Cash account balance Chung’s May 31 bank statement shows $13,800 on deposit in the bank. a. May 31 cash receipts of $2,200 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. Add 2,200 to bank balance. b. Outstanding checks as of May 31 total $1,600. Subtract 1,600 from bank balance. d. In reviewing the bank statement, a $400 check written by Wald Company was mistakenly drawn against Chung’s account. Add 400 to bank balance 13,800 + 2,200 - 1,600 + 400 = $14,800 bank balance