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    The Cash Account in The General Ledger of Lyco Corporation

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    amit raaj
    The cash account in Lyco Corporation's general ledger showed a balance of $21,749 at December 31 before bank reconciliation. The bank statement showed $22,000. Reconciling items included a $5,000 deposit in transit, $200 bank charge, $9,000 outstanding checks, $3,000 NSF check, and $1,832 check recorded incorrectly. Lyco also had $60,000 in a money market account, $3,000 in commercial paper, and $5,000 in stock investments.

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    The Cash Account in The General Ledger of Lyco Corporation

    Uploaded by

    amit raaj
    159 views1 page
    The cash account in Lyco Corporation's general ledger showed a balance of $21,749 at December 31 before bank reconciliation. The bank statement showed $22,000. Reconciling items included a $5,000 deposit in transit, $200 bank charge, $9,000 outstanding checks, $3,000 NSF check, and $1,832 check recorded incorrectly. Lyco also had $60,000 in a money market account, $3,000 in commercial paper, and $5,000 in stock investments.

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    The Cash Account in the General Ledger of Lyco Corporation

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    The cash account in Lyco Corporation's general ledger showed a balance of $21,749 at December 31 before bank reconciliation. The bank statement showed $22,000. Reconciling items included a $5,000 deposit in transit, $200 bank charge, $9,000 outstanding checks, $3,000 NSF check, and $1,832 check recorded incorrectly. Lyco also had $60,000 in a money market account, $3,000 in commercial paper, and $5,000 in stock investments.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    159 views1 page

    The Cash Account in The General Ledger of Lyco Corporation

    Uploaded by

    amit raaj
    The cash account in Lyco Corporation's general ledger showed a balance of $21,749 at December 31 before bank reconciliation. The bank statement showed $22,000. Reconciling items included a $5,000 deposit in transit, $200 bank charge, $9,000 outstanding checks, $3,000 NSF check, and $1,832 check recorded incorrectly. Lyco also had $60,000 in a money market account, $3,000 in commercial paper, and $5,000 in stock investments.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    The Cash account in the general ledger of Lyco

    Corporation
    The Cash account in the general ledger of Lyco Corporation showed a balance of $21,749 at
    December 31 (but prior to performing a bank reconciliation). The company’s bank statement
    showed a balance of $22,000 at the same date. The only reconciling items consisted of: (1) a
    $5,000 deposit in transit, (2) a bank service charge of $200, (3) outstanding checks totaling
    $9,000, (4) a $3,000 check marked “NSF” from Susque Company, one of Lyco’s customers,
    and(5) a check written for office supplies in the amount of $1,832, recorded by the company’s
    book-keeper as a debit to Office Supplies of $1,283, and a credit to Cash of $1,283.In addition
    to the above information, Lyco owned the following financial assets at December 31: (1) a
    money market account of $60,000, (2) $3,000 of high-grade, 120-day commercial paper, and(3)
    $5,000 of highly liquid stock investments.a. Prepare the company’s December 31 bank
    reconciliation.b. Determine the amount at which cash and cash equivalents will be reported in
    the company’s balance sheet dated December 31.c. Prepare the necessary journal entry to
    update the accounting records.View Solution:
    The Cash account in the general ledger of Lyco Corporation
    SOLUTION-- http://solutiondone.online/downloads/the-cash-account-in-the-general-ledger-of-
    lyco-corporation/

    Unlock answers here solutiondone.online


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