Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2:Balance as of 6/30/Year 2Deposit in transitOutstanding checksNote collected by bankBank service chargeNSF checkAdjusted cash balance as of 6/30/Year 2Complete this question by entering your answers in the tabs below.Required ABankCashAccount Stateme$24,790 $21,69Required C1,905(35)(1,150)As part of the normal process for handling an NSF check, the accounting clerk hasnotified the customer that their account did not contain sufficient funds to pay thebalance owed to the company. The customer was told that they will need to providean alternative form of payment to cover the outstanding balance.< Required A$25,510Requireda. Prepare the adjustment that the clerk would have made to record the NSF check.c. Assume the clerk had stolen $1,150 cash, and recorded an entry for a nonexistentNSF check to reduce the cash balance so that it would match the bank balance.Select the internal control practice that would have most likely prevented this fraud.Prepare the adjustment that the clerk would have made to record the NSF check.Adjustment toaccounts receivable by4,25(43$ 25,51andRequired

Lets understand the basics.NSF check – The NSF means “Non-Sufficient Funds”. An NSF check is a type…

Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2: Balance as of 6/30/Year 2 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/Year 2 Bank Cash Account Stateme $24,790 $21,69 1,905 4,25 (43 (35) (1,150) $25,510 $ 25,51

Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2: Balance as of 6/30/Year 2 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/Year 2 Bank Cash Account Stateme $24,790 $21,69 1,905 4,25 (43 (35) (1,150) $25,510 $ 25,51

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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Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Determine the adjusted balance on May 31. Cash balance per company records, May 31 $4,119 Deposits in transit 157 Notes receivable and interest collected by bank 840 Bank charge for check printing 27 Outstanding checks 1,081 NSF check 188 a.$3,847 b.$4,744 c.$997 d.$3,195
Blanksheet entries for bank reconciliation
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