Finn Company Has Just Received Its June 30 Bank Statement

question 77

Essay

Finn Company has just received its June 30 bank statement from City Bank. The bank statement and the cash account, summarized below, are to be reconciled for the month of June. $$\begin{array}{l}\begin{array} { | l | r | } \hline \text { Bank Statement } & \\\hline \text { Balance, June 1 } & \$ 5,200 \\\hline \text { Deposits } & 9,200 \\\hline \text { Notes receivable collected for X company } & 4,000 \\\hline \text { Principal } & 240 \\\hline \text { Interest } & ( 7,475 ) \\\hline \text { Cheques cashed } & ( 20 ) \\\hline \text { Bank service charge } & ( 100 ) \\\hline \text { NSF Cheque, Jimmy Dean } & \$ 11,045 \\\hline \text { Balance, June 30 } & \\\hline\end{array}\\\\\begin{array} { | l | r | } \hline \text { Cash Account: } & \\\hline \text { Balance, June 1 } & \$ 5,500 \\\hline \text { Cash Receipts } & 9,000 \\\hline \text { Cheques Written } & ( 7,000 ) \\\hline \text { Balance, June 30 } & \$ 6,800 \\\hline\end{array}\\\\\begin{array} { | l | r | r | } \hline \text { Other Data } & \text { May } & \text { June } \\\hline \text { Deposit in transit at month end } & \$ 600 & \$ 400 \\\hline \text { Outstanding cheques at month end } & 300 & 525 \\\hline\end{array}\end{array}$$ Required: a. Prepare a bank reconciliation using the following format: Finn Company Bank Reconciliation June 30 $$\begin{array} { | l | l | l | l | } \hline \text { Book Balance of Cash } & \$ & \text { Bank Statement Balance } & \$ \\\hline \text { Additions } & & \text { Additions } & \\\hline & & & \\\hline & & & \\\hline \text { Deductions } & & \text { Deductions } & \\\hline & & & \\\hline & & & \\\hline \text { Correct Cash Balance } & &\text { Correct Cash Balance } & \\\hline \end{array}$$ b. Give the journal entries that should be made in the accounts of Finn Company as a result of the above bank reconciliation.

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Definitions:

Menstrual Period

The phase in the menstrual cycle where the lining of the uterus is shed and exits the body through the vagina, typically lasting a few days to a week.

PMS

A group of physical and emotional symptoms that typically affect a person shortly before their menstrual period starts.

Bisexual

The sexual orientation of an individual who is attracted to both male and female genders.

Sexual Orientation

A person's emotional, romantic, or sexual attraction to individuals of the same sex, opposite sex, both sexes, or neither sex.