Pls, answer it with clear and simple steps by steps. Thanks The cash for Gally Consultants as at July 31, 2017 indicated a balance of RM17,750. Thebank statement however, showed a balance of RM33,650 on the same date. Comparingthe bank statement and the accompanying cancelled checks and memos with the recordreveals the following reconciliation items:(a)Checks outstanding totaled RM17,865.A deposit of RM9,150, representing receipts of July 31, had been made too late toappear on the bank statement.(b)The bank collected RM6,095 on a note left for collection. The face of the note wasRM5,750.(c)A check for RM390 returned with the statement had been incorrectly recorded as(d)RM930. The check was for the payment of an obligation to Holland Co. for thepurchase of office supplies on account.A check drawn for RM1,810 had been incorrectly charged by the bank asRM1,180.(e)(f)Bank service charges for July amounted to RM80.Based on given information,(i) Prepare the bank reconciliation for Gally Consultants(ii) Show the necessary journal entries.

The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

bank statement however, showed a balance of RM33,650 on the same date. Comparing the bank statement and the accompanying cancelled checks and memos with the record reveals the following reconciliation items: (a) Checks outstanding totaled RM17,865. (b) A deposit of RM9,150, representing receipts of July 31, had been made too late to appear on the bank statement. The bank collected RM6,095 on a note left for collection. The face of the note was RM5,750. (c) (d) A check for RM390 returned with the statement had been incorrectly recorded as RM930. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. A check drawn for RM1,810 had been incorrectly charged by the bank as RM1,180. (e) (f) Bank service charges for July amounted to RM80. Based on given information, (i) Prepare the bank reconciliation for Gally Consultants (ii) Show the necessary journal entries.

bank statement however, showed a balance of RM33,650 on the same date. Comparing the bank statement and the accompanying cancelled checks and memos with the record reveals the following reconciliation items: (a) Checks outstanding totaled RM17,865. (b) A deposit of RM9,150, representing receipts of July 31, had been made too late to appear on the bank statement. The bank collected RM6,095 on a note left for collection. The face of the note was RM5,750. (c) (d) A check for RM390 returned with the statement had been incorrectly recorded as RM930. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. A check drawn for RM1,810 had been incorrectly charged by the bank as RM1,180. (e) (f) Bank service charges for July amounted to RM80. Based on given information, (i) Prepare the bank reconciliation for Gally Consultants (ii) Show the necessary journal entries.

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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