The June 30 Bank Statement of Control Inc

question 135

Essay

The June 30 bank statement of Control Inc. has arrived in the mail. The bank reconciliation was prepared and the adjusted bank balance is $4,065. The following information was used to prepare the bank reconciliation:
• The cash ledger account has a balance of $5,500 on June 30.
• The bank statement indicates $20 of interest earned on the account.
• The company pays rent ($1,000) and utilities ($750) by EFT.
• The following checks did not clear the bank statement: CK 101 $150, CK 102 $75, CK 103 $210
• The bank statement indicates a deposit of $1,250 for a note collected by the bank on behalf of the company.
• The bank statement indicates a $15 service charge.
• On June 30, the company deposited $800 at the end of the day. This will appear on the July bank statement.
• The bank statement includes a $175 check payment that the company did not write. The bank deducted $175 from the account for another company's check.
• The bank statement includes an NSF check for $400. It was received from a customer as a payment on account.
Journalize the June 30 transactions needed to update Control Inc.'s cash ledger account. Prepare a T account for cash, insert the unadjusted balance at 6/30, and post the entries. After posting, does the T account agree with the bank reconciliation? Note - It is NOT necessary to prepare the bank reconciliation.

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Definitions:

Postsynaptic Neurons

Neurons that receive signals (across a synapse) from neurons, muscles, or gland cells.

Repeated Stimulation

Continuous or recurrent exposure to a particular stimulus, leading to a distinctive response.

Neural Plasticity

The brain's ability to change and adapt as a result of experience, learning, or injury, highlighting the flexibility of neural connections.

Spatial Memory

The type of memory responsible for the recording of information about one's environment and spatial orientation.