BUS 101: Financial Accounting – Exam 3 Name: 1. (20 points) Complete the June 30 bank reconciliation for Grey Company using the following information and with the given format. Company ledger

balance is $8,967; bank statement shows a balance of $8,394. (a.) Outstanding checks: No 372 $268 No 382 $410 No 391 $620 (b.) Check no 385 (for Repairs Expense was written for $452 but erroneously recorded in Grey’s records as $352 (difference $100) (c.) Deposit in transit $2,120 (d.) Note collected by bank as agent for Grey company (no interest) $1,250 (e.) Debit memoranda from bank for SF check of R. Rutherford $876 (f.) Bank service charge $25 BUS 101: Financial Accounting – Exam 3 Name: 1. (20 points) Complete the June 30 bank reconciliation for Grey Company using the following information and with the given format. Company ledger balance is $8,967; bank statement shows a balance of $8,394. (a.) Outstanding checks: No 372 $268 No 382 $410 No 391 $620 (b.) Check no 385 (for Repairs Expense was written for $452 but erroneously recorded in Grey’s records as $352 (difference $100) (c.) Deposit in transit $2,120 (d.) Note collected by bank as agent for Grey company (no interest) $1,250 (e.) Debit memoranda from bank for SF check of R. Rutherford $876 (f.) Bank service charge $25 (g.) Give in general journal format the entry or entries necessary to correct Grey’s accounting records as of June 30. (Explanations may be omitted; one compound journal entry is acceptable). 4. (20 points) The perpetual inventory records of Handy Hardware show 150 units of a product on hand, acquired at the following dates and costs. On June 3, Handy sold 120 units of this product.