Bank reconciliation and entries The cash account for Deaver Consulting at 31,20y6. Comparing the bank statement indicated a balance of $31095 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memo's with records revealed the following reconciling items; a. Checks outstanding totaled $10,125 b.A deposit of $4120 representing receipts from October 31, Had been made too late to appear on the bank statement. c. The bank had collected $10400 on a note left for collection. 11w face of the now was $10000 d.A check for $1200 returned with the statement had been incorrectly recorded by Davcr consulting as $120. The check was for the payment of an obligation to Oxford Office supp lies co. for the purchase of office supplies an account. e. A check drawn for $320 had been incorrectly charged by the bank as $230 f. Bank service charges for october amounted to $70 Instructions Illustrate the effects on the accounts and financial statements of the bank reconciliation.
Bank reconciliation and entries
The cash account for Deaver Consulting at 31,20y6. Comparing the bank statement indicated a balance of $31095 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memo's with records revealed the following reconciling items;
a. Checks outstanding totaled $10,125
b.A deposit of $4120 representing receipts from October 31, Had been made too late to appear on the bank statement.
c. The bank had collected $10400 on a note left for collection. 11w face of the now was $10000
d.A check for $1200 returned with the statement had been incorrectly recorded by Davcr consulting as $120. The check was for the payment of an obligation to Oxford Office supp lies co. for the purchase of office supplies an account.
e. A check drawn for $320 had been incorrectly charged by the bank as $230
f. Bank service charges for october amounted to $70
Instructions
Illustrate the effects on the accounts and financial statements of the bank reconciliation.
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