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.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...
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Question 4:
Brown's Grocery Store developed the following information in recording its bank
statement for the month of March 2022.
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.
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 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.
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