Bank reconciliation - Haverman Company
Not what you're looking for?
Please see attached PDF.
Haverman Company maintains a checking account at the Commerce Bank. At July 31, selected data from the ledger balance and the bank statement are shown below.
Cash in Bank
Per Books Per Bank
Balance, July 1 $17,600 $16,800
July receipts 81,400
July credits 82,470
July disbursements 77,150
July debits
74,756
Balance, July 31
$21,850
$24,514
Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $3,470 for the collection of a $3,400 note plus interest revenue of $70.The July debits per bank consist of checks cleared $74,700 and a debit memorandum of $56 for printing additional company checks.
You also discover the following errors involving July checks: (1) A check for $230 to a creditor on account that cleared the bank in July was journalized and posted as $320. (2) A salary check to an employee for $255 was recorded by the bank for $155.
The June 30 bank reconciliation contained only two reconciling items: deposits in transit $7,000 and outstanding checks of $6,200.
Purchase this Solution
Solution Summary
The solution explains how to prepare a bank reconciliation for Haverman Company
Purchase this Solution
Free BrainMass Quizzes
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Basics of corporate finance
These questions will test you on your knowledge of finance.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.