Homework Help is Here – Start Your Trial Now!
Business
Accounting
i. On November 30, you are supplied with the following information by your employer, Mary Martha Manufacturing Ltd 11. 111. Cash book balance $4,923.14 111. Bank statement balance 6,970.35 iv. Outstanding cheques: #28 90.33 41 56.45 49 977.00 50 55.25 51 358.97 v. Outstanding deposit 750.00 vi. Items not yet recorded in cash book that are included in the bank statement: o Bank service charges o N.S.F. cheque of T. Smyth o Bank Loan payment • The bank collected and deposited in our account the previous N.S.F. cheque of R. Collins • The bank credited our account with interest that was earned on a term deposit 20.99 375.00 325.00 950.00 1,185.86 viii. When the November cheques are compared with entries in the cash payments journal, it was noticed that cheque #48 had been correctly made out for $250.00 in payment for the utilities bill, but when entered in the cash payments journal, was recorded as only $200.00. ix. In error, the bank took $105.66 out of our account instead of Martha Mary Mirrors Ltd. REQUIRED

i. On November 30, you are supplied with the following information by your employer, Mary Martha Manufacturing Ltd 11. 111. Cash book balance $4,923.14 111. Bank statement balance 6,970.35 iv. Outstanding cheques: #28 90.33 41 56.45 49 977.00 50 55.25 51 358.97 v. Outstanding deposit 750.00 vi. Items not yet recorded in cash book that are included in the bank statement: o Bank service charges o N.S.F. cheque of T. Smyth o Bank Loan payment • The bank collected and deposited in our account the previous N.S.F. cheque of R. Collins • The bank credited our account with interest that was earned on a term deposit 20.99 375.00 325.00 950.00 1,185.86 viii. When the November cheques are compared with entries in the cash payments journal, it was noticed that cheque #48 had been correctly made out for $250.00 in payment for the utilities bill, but when entered in the cash payments journal, was recorded as only $200.00. ix. In error, the bank took $105.66 out of our account instead of Martha Mary Mirrors Ltd. REQUIRED

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Bank reconciliations and journal entries
i. On November 30, you are supplied with the following information by your employer, Mary Martha Manufacturing Ltd 11. 111. Cash book balance $4,923.14 111. Bank statement balance 6,970.35 iv. Outstanding cheques: # 28 90.33 41 56.45 49 977.00 50 5.25 51 358.97 v. Outstanding deposit 750.00 vi. Items not yet recorded in cash book that are included in the bank statement: o Bank service charges o N.S.F. cheque of T. Smyth o Bank Loan payment • The bank collected and deposited in our account the previous N.S.F. cheque of R. Collins o The bank credited our account with interest that was earned on a term deposit 20.99 375.00 325.00 950.00 1,185.86 viii. When the November cheques are compared with entries in the cash payments journal, it was noticed that cheque #48 had been correctly made out for $250.00 in payment for the utilities bill, but when entered in the cash payments journal, was recorded as only $200.00. ix. In error, the bank took$105.66 out of our account instead of Martha Mary Mirrors Ltd, REQUIRED: (a) Bank reconciliation statement. (b) General journal entries to record items recorded on the bank statement but not yet entered in our books AI Prepare the journal entries at the bottom of the bank reconciliation form. Priv Ter Address 10271 090 Les 00 3904 2005 41 F10 F12 F4 es trikes WE R Tab A S D F G H J K L Caps Lock X C V B M 1 Shift
Transcribed Image Text:i. On November 30, you are supplied with the following information by your employer, Mary Martha Manufacturing Ltd 11. 111. Cash book balance $4,923.14 111. Bank statement balance 6,970.35 iv. Outstanding cheques: # 28 90.33 41 56.45 49 977.00 50 5.25 51 358.97 v. Outstanding deposit 750.00 vi. Items not yet recorded in cash book that are included in the bank statement: o Bank service charges o N.S.F. cheque of T. Smyth o Bank Loan payment • The bank collected and deposited in our account the previous N.S.F. cheque of R. Collins o The bank credited our account with interest that was earned on a term deposit 20.99 375.00 325.00 950.00 1,185.86 viii. When the November cheques are compared with entries in the cash payments journal, it was noticed that cheque #48 had been correctly made out for $250.00 in payment for the utilities bill, but when entered in the cash payments journal, was recorded as only $200.00. ix. In error, the bank took$105.66 out of our account instead of Martha Mary Mirrors Ltd, REQUIRED: (a) Bank reconciliation statement. (b) General journal entries to record items recorded on the bank statement but not yet entered in our books AI Prepare the journal entries at the bottom of the bank reconciliation form. Priv Ter Address 10271 090 Les 00 3904 2005 41 F10 F12 F4 es trikes WE R Tab A S D F G H J K L Caps Lock X C V B M 1 Shift
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
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.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS