1314151617TITQuestion 4:Brown's Grocery Store developed the following information in recording its bankstatement for the month of March 2022.Balance per books March 31Balance per bank statement March 31$ 7,555$12,760Additional information:1. Cheques written in March but still outstanding $10,600.2. Deposits of March 30 and 31 not yet recorded by bank $5,240.NSF cheque of customer returned by bank $645.4.3.Bank service charge for March was $50.5. A payment on account was incorrectly entered in the general journal for $714 whenCheque No. 318 was correctly prepared for $174. The cheque cleared the bank inMarch.Required:a) Prepare a bank reconciliation at March 31, 2022.b) Prepare any adjusting entries necessary as a result of the bank reconciliation.

Bank reconciliation statement shows reconciliation between bank balance as per cash book and balance…

Balance per books March 31 Balance per bank statement March 31 $ 7,555 $12,760 Additional information: 1. Cheques written in March but still outstanding $10,600. 2. Deposits of March 30 and 31 not yet recorded by bank $5,240. 3. NSF cheque of customer returned by bank $645. 4. Bank service charge for March was $50. 5. A payment on account was incorrectly entered in the general journal for $714 when Cheque No. 318 was correctly prepared for $174. The cheque cleared the bank in March. Required: a) Prepare a bank reconciliation at March 31, 2022. b) Prepare any adjusting entries necessary as a result of the bank reconciliation.

Balance per books March 31 Balance per bank statement March 31 $ 7,555 $12,760 Additional information: 1. Cheques written in March but still outstanding $10,600. 2. Deposits of March 30 and 31 not yet recorded by bank $5,240. 3. NSF cheque of customer returned by bank $645. 4. Bank service charge for March was $50. 5. A payment on account was incorrectly entered in the general journal for $714 when Cheque No. 318 was correctly prepared for $174. The cheque cleared the bank in March. Required: a) Prepare a bank reconciliation at March 31, 2022. b) Prepare any adjusting entries necessary as a result of the bank reconciliation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

5. Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381, whereas Johnson's cash account shows a balance of $22,025 on October 31. The following additional information is available: 6. A $855 deposit made on October 31 was not recorded by the bank until November. 7. At the end of October, outstanding checks total $1,222. 8. The bank statement shows bank service charges of $125 not yet recorded by the company. 9. The company erroneously recorded as $973 a check that it had actually written for $379. It was correctly processed by the bank. 10. A $480 check from a customer, deposited by the company on October 29, was returned with the bank statement for lack of funds. Required: 1. Prepare the October bank reconciliation for Johnson Corporation.
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,337.11. The bank statement shows an ending balance of $2,136.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, and noting the service charges and other debit and credit memos shown on the bank statement, the following were found: An ATM withdrawal of $153.00 on November 18 by Lyle for personal use was not recorded on the books. A bank debit memo issued for an NSF check from a customer of $19.40. A bank credit memo issued for interest of $19.00 earned during the month. On November 30, a deposit of $1,201.00 was made, which is not shown on the bank statement. A bank debit memo issued for $18.00 for bank service charges. Checks No. 549, 561, and 562 for the amounts of $167.00, $23.00, and $9.60, respectively, were written during November but have not yet been received by the bank.…
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $7,150 Adjustments: Outstanding checks $3,430 Error by Chesner Co. in recording Check No. 1056 as $830 instead of $380 450 Note for $11,200 collected by bank, including interest 11,650 Deposit in transit on July 31 (7,280) Bank service charges (40) Total adjustments 8,210 Cash balance according to bank statement $15,360 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank acc4df036010fde_1 fill in the…
BANK RECONCILIATION AND RELATED JOURNAL ENTRIES The book balance in the checking account of Lyle's Salon as of Novemeber 30 is $3,282.95. The bank statement shows an ending balance of $2,127. By examining last month's bank in novemeber and noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a) An ATM withdrawl of $150 on November 18 by Lyle for personal use was not recorded in the books b) A bank debit memo issued for an NSF check from a customer of $19.50 c) A bank credit memo issued for interest of $19 earned during the month d) on November 30, A deposit of 1,177 was made which is not shown on the bank statement. e) A bank debit memo issued for $17.50 for bank service charges. f) checks No. 549,561 and 562 for the amounts of $185, $21 and $9.40, respectively, were written during november but have not yet been received by the bank. g) The reconciliation from the previous month showed outstanding checks totaling $271.95…
Hi please use the excel template
On 31 december a company cash book balance was $11,820 and the bank statement $15,000. the reson for the difference were as follows. 1 Bank charges of $20 not entered in the cashbook. 2 A customer cheque for $200 has been dishonured 3 A payment of $1,200 has been entered in the cashbook as $2,100 4 there were unpresented cheques totalling $6,500 5 Lodgement of $4,000 had not appeared on the bank statement A) To make appropriate adjustment in the cash book bringing down the correct balance. B) To prepere a statement reconciling the adjusted balance inthe cash bookwith the balance shown in the bank statement for 31 december C) Name 3 difference that can accur between the bank statement and cashbook
Please prepare a bank reconciliation and journal entries for the month ended April 30th for Bannon Co. 1) Balance per bank statement $ 9,915 2) Balance per cash general ledger account (books) $ 8,954 3) April 30th deposit of $ 2,600 is not on the bank statement (Deposit in Transit) 4) Check numbers #219 for $ 1000 and # 222 for $ 1,100 written in April do not appear on the April bank statement (Outstanding Checks) 5) Debit memo for a $ 20 service charge appeared on the bank statement 6) The bank incorrectly deducted $ 400 from Bannon's checking account 7) The bank collected a note on behalf of the company in April, a credit memo for net proceeds óf $ 2,000 included the principal of $1,900, interest of $ 150, less a collection fee of $ 50 accompanied the bank statement 8) A check from Apple Co. for $ 150 was returned by the bank marked NSF 9) The bank added $40 of interest earned directly to the checking account balance 10) A Cash Sale in the amount of $ 297 was erroneously journalnized…