Western Flyers received its bank statement for the month of July 2019 with an ending balance of $11,065.00 whereas the cash book balance for Western Flyers is $12875. Western Flyers determined that check #598 for $125.00 and check #601 for $375.00 were both outstanding. Also, a $7,500.00 deposit for July 30th was in transit as of the end of the month. Big Bucks Bank also collected an amount of $5,300 from a client of Western Flyer as payment of a note ($5,000) and interest ($300) earned on a note. Big Bucks Bank charged Flyers a $15.00 fee for the collection service and $20 for issuance of 10 check books. 5. A check for $75.00 from Colin Abraham, a client, was returned with the bank statement marked “NSF”.
Western Flyers received its bank statement for the month of July 2019 with an ending balance of $11,065.00 whereas the cash book balance for Western Flyers is $12875. Western Flyers determined that check #598 for $125.00 and check #601 for $375.00 were both outstanding. Also, a $7,500.00 deposit for July 30th was in transit as of the end of the month. Big Bucks Bank also collected an amount of $5,300 from a client of Western Flyer as payment of a note ($5,000) and interest ($300) earned on a note. Big Bucks Bank charged Flyers a $15.00 fee for the collection service and $20 for issuance of 10 check books. 5. A check for $75.00 from Colin Abraham, a client, was returned with the bank statement marked “NSF”.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 4PB
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Western Flyers received its bank statement for the month of July 2019 with an ending balance of $11,065.00 whereas the
- Western Flyers determined that check #598 for $125.00 and check #601 for $375.00 were both outstanding.
- Also, a $7,500.00 deposit for July 30th was in transit as of the end of the month.
- Big Bucks Bank also collected an amount of $5,300 from a client of Western Flyer as payment of a note ($5,000) and interest ($300) earned on a note.
- Big Bucks Bank charged Flyers a $15.00 fee for the collection service and $20 for issuance of 10 check books.
5. A check for $75.00 from Colin Abraham, a client, was returned with the bank statement marked “NSF”.
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