BANK RECONCILIATION AND JOURNAL ENTRIES - In the Bank Reconciliation Template, prepare a bank reconciliation and complete the adjusting entries required. Then upload the completed template to the Lab 17 Upload Link. Use the following data that were accumulated for use in reconciling the bank account of Star Battles Restaurant for October 2020: a. The bank service charge is $70. b. The book balance is $6,100 at October 31, 2020. c. Outstanding checks total $1,300. d. An automatic EFT withdrawal was taken from the account to pay utilities in the amount of $2,700, A check from LukeCo for $3,500 was returned for nonsufficient funds. f. The bank received an EFT from Leah Corp and deposited S14,300 in the account. The EFT was from Leah Corp to pay rent. The bank balance at October 31, 2020 was $9,730. h. The bank collected a note in the amount of S1,500 deposited the cash in Vader's account at the bank but Vader has not yet entered the amount in the books, The total of $1,500 consists of $1,450 principle and $50 interest. A deposit of $7,200 is in transit. e. 1.

BANK RECONCILIATION AND JOURNAL ENTRIES - In the Bank Reconciliation Template, prepare a bank reconciliation and complete the adjusting entries required. Then upload the completed template to the Lab 17 Upload Link. Use the following data that were accumulated for use in reconciling the bank account of Star Battles Restaurant for October 2020: a. The bank service charge is $70. b. The book balance is $6,100 at October 31, 2020. c. Outstanding checks total $1,300. d. An automatic EFT withdrawal was taken from the account to pay utilities in the amount of $2,700, A check from LukeCo for $3,500 was returned for nonsufficient funds. f. The bank received an EFT from Leah Corp and deposited S14,300 in the account. The EFT was from Leah Corp to pay rent. The bank balance at October 31, 2020 was $9,730. h. The bank collected a note in the amount of S1,500 deposited the cash in Vader's account at the bank but Vader has not yet entered the amount in the books, The total of $1,500 consists of $1,450 principle and $50 interest. A deposit of $7,200 is in transit. e. 1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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eBook Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,393 Deposits in transit: $1,735 Outstanding checks: $579 and $1,523 Bank service charges: $25 Bank incorrectly charged the account $25. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense.