The Following Information Is Available to Reconcile Young Co

question 50

Essay

The following information is available to reconcile Young Co.'s book balance of cash with its bank statement cash balance as of April 30. The April 30 cash balance according to the accounting records is $58,176, and the bank statement cash balance for that date is $64,005.
a. On April 30, the bank issued a credit memorandum for $53 interest earned on Young's account.
b. A credit memorandum indicates that the bank collected $9,970 cash on a note receivable for Young, and credited the balance to the company's Cash account. Young did not record this transaction before receiving the statement.
c. A debit memorandum of $895 is enclosed with the bank statement for an NSF check for $870 received from a customer. The bank assessed a $25 fee for processing it.
d. Young's April 30 daily cash receipts of $5,102 were placed in the bank's night depository on that date, but do not appear on the April 30 bank statement.
e. Young's April 30 cash disbursements journal indicates that Check No. 1837 for $584 and Check No. 1840 for $1,219 were both written and entered in the accounting records, but are not among the canceled checks.
Required: Prepare the bank reconciliation for this company as of April 30.

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Definitions:

Physical Examination

An examination of the body undertaken by a healthcare professional to assess a patient's physical health and detect any possible signs of disease.

Double-booking

A practice in scheduling where two or more appointments are arranged at the same time slot, often to maximize efficiency or accommodate urgent needs.

Time-specified Scheduling

An appointment system where patients are given specific times for their visits, intended to increase efficiency and reduce wait times.

Wave Scheduling

A scheduling system where patients are scheduled in groups at the top of the hour, allowing for flexibility in appointments.