Roper Electronics Received Its Bank Statement for the Month of August

question 88

Essay

Roper Electronics received its bank statement for the month of August with an ending balance of $11,740.00. Roper determined that check #613 for $155.00 and check #601 for $420.00 were both outstanding. Also, a $6,900.00 deposit for August 30th was in transit as of the end of the month. Northern Regional Bank also collected a $5,000.00 notes receivable on August 1st that was issued March 1st at 12% annual interest. No interest revenue has been accrued on this note and Northern Regional Bank charged a $35.00 fee for the collection service.The bank statement reveals a bank service charge of $20.00. A customer check for $68.00 was returned with the bank statement marked "NSF". The ending balance of the Roper cash account is $12,938.00.
Complete a bank/account reconciliation and prepare any necessary journal entries for the reconciliation.

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Definitions:

Identified Purposes

Specific reasons or objectives for which something is done or for which data is collected, often outlined to ensure clarity and compliance.

International Anti-Bribery

International Anti-Bribery pertains to global efforts and regulations aimed at preventing, detecting, and penalizing corrupt practices and bribery in international business transactions.

Foreign Corrupt Practices Act

A U.S. law aimed at preventing companies from bribing foreign officials to obtain or retain business.

Cross-Border Insolvencies

Legal proceedings dealing with the insolvency of debtors who have assets or creditors in more than one country.