el Gato Clinic deposits all cash receipts on the day wht ved en and it makes all cash payments by check

Del Gato Clinic deposits all cash receipts on the day wht ved en and it makes all cash payments by check. At the close of business on June 30, 2016, its Cash account shows an $11,589 debit balance. Del Gato Clinic's June 30 bank statement shows $10,555 on deposit in the bank. Prepare a bank reconciliation for Del Gato Clinic using the following information: Outstanding checks as of June 30 total $1,829. The June 30 bank statement included a $16 debit memorandum for bank services. Check No. 919, listed with the canceled checks, was correctly drawn for $467 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $476.


The June 30 cash receipts of $2,856 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2016, its Cash account shows an $11,589 debit balance. Del Gato Clinic's June 30 bank statement shows $10,555 on deposit in the bank. Prepare a bank reconciliation for Del Gato Clinic using the following information:
Outstanding checks as of June 30 total $1,829. The June 30 bank statement included a $16 debit memorandum for bank services. Check No. 919, listed with the canceled checks, was correctly drawn for $467 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $476. The June 30 cash receipts of $2,856 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.

Cougar Plastics Company has been operating for three years. At December 31 of last year

Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:                                                                                    

Cash      $              23,000                  Accounts payable            $              15,000

Investments (short-term)                           3,300                    Accrued liabilities payable                           2,400

Accounts receivable                      3,900                    Notes payable (short-term)                       7,600

Inventory                           29,000                  Notes payable (long-term)                         47,000

Notes receivable (long-term)                    1,800                    Common stock                 10,200

Equipment                         43,000                  Additional paid-in capital                             91,800

Factory building                               96,000                  Retained earnings                          29,200

Intangibles                         3,200                                                     

During the current year, the company had the following summarized activities:

Purchased short-term investments for $8,100 cash.

Lent $6,600 to a supplier who signed a two-year note.

Purchased equipment that cost $23,000; paid $5,500 cash and signed a one-year note for the balance.

Hired a new president at the end of the year. The contract was for $81,000 per year plus options to purchase company stock at a set price based on company performance.

Issued an additional 2,700 shares of $0.50 par value common stock for $18,000 cash.

Borrowed $15,000 cash from a local bank, payable in three months.

Purchased a patent (an intangible asset) for $1,000 cash.

Built an addition to the factory for $20,000; paid $7,800 in cash and signed a three-year note for the balance.

Returned defective equipment to the manufacturer, receiving a cash refund of $1,800.

Contact Us Below To Get Tutoring