On may 31, 2010, james logan company had a cash balance per books of

P8-3A(James Logan Company)

On May 31, 2010, James Logan Company had a cash balance per books of $6,781.50. The bank statement from Farmers State   Bank on that date showed a balance of $6,404.60. A comparison of the statement with the cash account revealed the following facts.  

 

  1. The statement included a debit memo of $40 for the printing of additional company checks.
  2. Cash sales of $836.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit     slip were incorrectly made for $886.15. The bank credited Logan Company for the correct amount.
  3. Outstanding checks at May 31 totaled $576.25. Deposits in transit were $1,916.15.
  4. On May 18, the company issued check No. 1181 for $685 to Barry Trest, on account. The check, which cleared     the bank in May, was incorrectly journalized and posted by Logan Company for $658.
  5. A $2,500 note receivable was collected by the bank for Logan Company on May 31 plus $80 interest. The bank     charged a collection fee of $20. No interest has been accrued on the note.
  6. Included with the cancelled checks was a check issued by Bridgetown Company to Tom Lujak for $800 that was     incorrectly charged to Logan Company by the bank.
  7. On May 31, the bank statement showed an NSF charge of $680 for a check issued by Sandy Grifton, a customer,     to Logan Company on account.

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