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1. Bank reconciliation information for Cole Co. for May 31, 2011 is as follows:
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(a)
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The bank statement balance is $2,936.
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(b)
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The cash account balance is $3,194.
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(c)
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Outstanding checks amounted to $465.
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(d)
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Deposits in transit are $655.
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(e)
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The bank service charge is $50.
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(f)
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A check for $97 for supplies was recorded as $79 in the ledger.
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Record the appropriate journal entry for Cole Co.
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2. Consider the following journal entry made by Jones Company. Upon investigation, what might you find happened to create this amount of Cash Over/Short account difference? Give three possible reasons for this difference.
How much was the Beginning Balance of the Cash Account?
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Cash
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2,235.00
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Cash Short and Over
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100.00
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Sales
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2,135.00
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