Di Stefano Office Supply Company received a bank statement showing a balance of $68,355 as of March 31, 20X1. The firm's records showed a book balance of $69,529 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $57, which covers the bank's collection fee for the note (item 6). 2. A deposit in transit of $4,050. 3. A check for $255 issued by another firm that was mistakenly charged to Di Stefano's account. 4. A debit memorandum for an NSF check of $6.170 issued by Wozniak Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $2,550, Check 3840 for $158. 6. A credit memorandum for a $6,650 noninterest-bearing note receivable that the bank collected for the firm. Required: 1. Prepare a bank reconciliation statement for the firm as of March 31. 2. Prepare the necessaryJournal entries for March 31, 20X1 from the statement.

Di Stefano Office Supply Company received a bank statement showing a balance of $68,355 as of March 31, 20X1. The firm's records showed a book balance of $69,529 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $57, which covers the bank's collection fee for the note (item 6). 2. A deposit in transit of $4,050. 3. A check for $255 issued by another firm that was mistakenly charged to Di Stefano's account. 4. A debit memorandum for an NSF check of $6.170 issued by Wozniak Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $2,550, Check 3840 for $158. 6. A credit memorandum for a $6,650 noninterest-bearing note receivable that the bank collected for the firm. Required: 1. Prepare a bank reconciliation statement for the firm as of March 31. 2. Prepare the necessaryJournal entries for March 31, 20X1 from the statement.

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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