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 on of those check, No.471 for $18.65, has not yet been recieved by the bank h) Check no. 523 written to a creditor in the amount of $372.90 was recorded in the books as $327.90 Required 1. Prepare a bank reconciliation as of November30 2. Prepare the required journal entries.
BANK RECONCILIATION AND RELATED
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 on of those check, No.471 for $18.65, has not yet been recieved by the bank
h) Check no. 523 written to a creditor in the amount of $372.90 was recorded in the books as $327.90
Required
1. Prepare a bank reconciliation as of November30
2. Prepare the required journal entries.
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