Bank Reconciliation and Related Journal EntriesThe book balance in the checking account of Lyle's Salon as of November 30 is $3,337.11. The bank statement shows an ending balance of $2,136.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, and noting the service charges and other debit and credit memos shown on the bank statement, the following were found:An ATM withdrawal of $153.00 on November 18 by Lyle for personal use was not recorded on the books.A bank debit memo issued for an NSF check from a customer of $19.40.A bank credit memo issued for interest of $19.00 earned during the month.On November 30, a deposit of $1,201.00 was made, which is not shown on the bank statement.A bank debit memo issued for $18.00 for bank service charges.Checks No. 549, 561, and 562 for the amounts of $167.00, $23.00, and $9.60, respectively, were written during November but have not yet been received by the bank.The reconciliation from the previous month showed outstanding checks totaling $271.95. One of those checks, No. 471 for $18.69, has not yet been received by the bank.Check No. 523 written to a creditor in the amount of $373.60 was recorded in the books as $326.60.Required:1. Prepare a bank reconciliation as of November 30. When required, enter amounts in dollars and cents.2. Prepare the required journal entries. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Bank Reconciliation 1. Prepare a bank reconciliation as of November 30. When required, enter amounts in dollars and cents.Lyle's SalonBank ReconciliationNovember 30, 20--Bank statement balance, November 30 $fill in the blank b3e0a2fda026f9f_1 fill in the blank b3e0a2fda026f9f_3 $fill in the blank b3e0a2fda026f9f_4 $fill in the blank b3e0a2fda026f9f_7 fill in the blank b3e0a2fda026f9f_9 fill in the blank b3e0a2fda026f9f_11 fill in the blank b3e0a2fda026f9f_13fill in the blank b3e0a2fda026f9f_14Adjusted bank balance $fill in the blank b3e0a2fda026f9f_15 Book balance, November 30 $fill in the blank b3e0a2fda026f9f_16 fill in the blank b3e0a2fda026f9f_18 $fill in the blank b3e0a2fda026f9f_19 $fill in the blank b3e0a2fda026f9f_21 fill in the blank b3e0a2fda026f9f_23 fill in the blank b3e0a2fda026f9f_25 fill in the blank b3e0a2fda026f9f_27fill in the blank b3e0a2fda026f9f_28Adjusted book balance $fill in the blank b3e0a2fda026f9f_29 General Journal 2. Prepare the required journal entries. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank.Page: DATEACCOUNT TITLEDOC.NO.POST.REF.DEBITCREDIT 120-- Nov. 30 fill in the blank 2e6453f6802f024_2fill in the blank 2e6453f6802f024_312 fill in the blank 2e6453f6802f024_5fill in the blank 2e6453f6802f024_623 Interest earned for November 34 4530 fill in the blank 2e6453f6802f024_8fill in the blank 2e6453f6802f024_956 fill in the blank 2e6453f6802f024_11fill in the blank 2e6453f6802f024_1267 Unrecorded ATM withdrawal 78 8930 fill in the blank 2e6453f6802f024_14fill in the blank 2e6453f6802f024_15910 fill in the blank 2e6453f6802f024_17fill in the blank 2e6453f6802f024_181011 NSF check 1112 121330 fill in the blank 2e6453f6802f024_20fill in the blank 2e6453f6802f024_211314 fill in the blank 2e6453f6802f024_23fill in the blank 2e6453f6802f024_241415 Bank service charge 1516 161730 fill in the blank 2e6453f6802f024_26fill in the blank 2e6453f6802f024_271718 fill in the blank 2e6453f6802f024_29fill in the blank 2e6453f6802f024_301819 Error in recording Check No. 523 19

Lyle's Salon Bank Reconciliation November 30, 20-- Bank statement balance,…

Answered: econciliation and Related Journal…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 1PB

See similar textbooks

Related questions

Concept explainers

Question

Bank Reconciliation and Related Journal Entries

The book balance in the checking account of Lyle's Salon as of November 30 is $3,337.11. The bank statement shows an ending balance of $2,136.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, and noting the service charges and other debit and credit memos shown on the bank statement, the following were found:

An ATM withdrawal of $153.00 on November 18 by Lyle for personal use was not recorded on the books.
A bank debit memo issued for an NSF check from a customer of $19.40.
A bank credit memo issued for interest of $19.00 earned during the month.
On November 30, a deposit of $1,201.00 was made, which is not shown on the bank statement.
A bank debit memo issued for $18.00 for bank service charges.
Checks No. 549, 561, and 562 for the amounts of $167.00, $23.00, and $9.60, respectively, were written during November but have not yet been received by the bank.
The reconciliation from the previous month showed outstanding checks totaling $271.95. One of those checks, No. 471 for $18.69, has not yet been received by the bank.
Check No. 523 written to a creditor in the amount of $373.60 was recorded in the books as $326.60.

Required:

1. Prepare a bank reconciliation as of November 30. When required, enter amounts in dollars and cents.

2. Prepare the required journal entries. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank.

Bank Reconciliation

1. Prepare a bank reconciliation as of November 30. When required, enter amounts in dollars and cents.

Lyle's Salon
Bank Reconciliation
November 30, 20--
Bank statement balance, November 30		$fill in the blank b3e0a2fda026f9f_1
		fill in the blank b3e0a2fda026f9f_3
		$fill in the blank b3e0a2fda026f9f_4

	$fill in the blank b3e0a2fda026f9f_7
	fill in the blank b3e0a2fda026f9f_9
	fill in the blank b3e0a2fda026f9f_11
	fill in the blank b3e0a2fda026f9f_13	fill in the blank b3e0a2fda026f9f_14
Adjusted bank balance		$fill in the blank b3e0a2fda026f9f_15

Book balance, November 30		$fill in the blank b3e0a2fda026f9f_16
		fill in the blank b3e0a2fda026f9f_18
		$fill in the blank b3e0a2fda026f9f_19
	$fill in the blank b3e0a2fda026f9f_21
	fill in the blank b3e0a2fda026f9f_23
	fill in the blank b3e0a2fda026f9f_25
	fill in the blank b3e0a2fda026f9f_27	fill in the blank b3e0a2fda026f9f_28
Adjusted book balance		$fill in the blank b3e0a2fda026f9f_29

General Journal

2. Prepare the required journal entries. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank.

Page:

	DATE	ACCOUNT TITLE	DEBIT	CREDIT
1	20-- Nov. 30		fill in the blank 2e6453f6802f024_2	fill in the blank 2e6453f6802f024_3	1
2			fill in the blank 2e6453f6802f024_5	fill in the blank 2e6453f6802f024_6	2
3		Interest earned for November			3
4					4
5	30		fill in the blank 2e6453f6802f024_8	fill in the blank 2e6453f6802f024_9	5
6			fill in the blank 2e6453f6802f024_11	fill in the blank 2e6453f6802f024_12	6
7		Unrecorded ATM withdrawal			7
8					8
9	30		fill in the blank 2e6453f6802f024_14	fill in the blank 2e6453f6802f024_15	9
10			fill in the blank 2e6453f6802f024_17	fill in the blank 2e6453f6802f024_18	10
11		NSF check			11
12					12
13	30		fill in the blank 2e6453f6802f024_20	fill in the blank 2e6453f6802f024_21	13
14			fill in the blank 2e6453f6802f024_23	fill in the blank 2e6453f6802f024_24	14
15		Bank service charge			15
16					16
17	30		fill in the blank 2e6453f6802f024_26	fill in the blank 2e6453f6802f024_27	17
18			fill in the blank 2e6453f6802f024_29	fill in the blank 2e6453f6802f024_30	18
19		Error in recording Check No. 523			19

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.