Roper Electronics Received Its Bank Statement for the Month of August

question 23

Essay

Roper Electronics received its bank statement for the month of August with an ending balance of $11,740. Roper determined that check #613 for $155 and check #601 for $420 were both outstanding. Also, a $6,900 deposit for August 30 was in transit as of the end of the month. Northern Regional Bank also collected a $5,000 note receivable on August 1 that was issued March 1. Accrued interest is $250. Northern Regional Bank charged a $35 fee for the collection service. The bank statement reveals a bank service charge of $20. A customer check for $68 was returned with the bank statement marked "NSF." The ending balance of the Roper cash account is $12,938.
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(a) Prepare a bank/account reconciliation.
(b) Prepare any necessary journal entries for the reconciliation.
(b) If a balance sheet were prepared for Roper Electronics on August 31, what amount should be reported for cash?

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Definitions:

Depreciation Method

A systematic approach used to allocate the cost of a tangible asset over its useful life.

Sales Price

The amount of money charged for a product or service, or the sum that customers are willing to pay for it.

Straight-line Method

A depreciation technique that allocates an equal amount of depreciation expense each year over the useful life of an asset.

Estimated Salvage Value

The expected value that an asset will realize upon its sale at the end of its useful life, used in computing depreciation.