(iii) Service charge of $150 was charged wrongly to Graser's account by the bank. (iv) A note receivable for $15,000 left by Graser Company with bank for collection that had been collected and credited to company's account. Along with the note collection, interest of $150 was also collected. Interest was accrued and recorded in the month-end adjusting entries by Graser Company previously. (v) A check for $420 drawn by a customer, Stuart Sands, but deducted from Graser's account by the bank and returned with the notation "NSF." (vi) Graser's account had a check issued in payment of Building, correctly written in the amount to pay but erroneously recorded in Graser's accounting records. Other than this, all accounting records are correct. Required a) Prepare the bank reconciliation of Graser Company at December 31, 2019. b) Prepare the reconciling journal entries according to the reconciliation in part (a). ~ End of Section B

(iii) Service charge of $150 was charged wrongly to Graser's account by the bank. (iv) A note receivable for $15,000 left by Graser Company with bank for collection that had been collected and credited to company's account. Along with the note collection, interest of $150 was also collected. Interest was accrued and recorded in the month-end adjusting entries by Graser Company previously. (v) A check for $420 drawn by a customer, Stuart Sands, but deducted from Graser's account by the bank and returned with the notation "NSF." (vi) Graser's account had a check issued in payment of Building, correctly written in the amount to pay but erroneously recorded in Graser's accounting records. Other than this, all accounting records are correct. Required a) Prepare the bank reconciliation of Graser Company at December 31, 2019. b) Prepare the reconciling journal entries according to the reconciliation in part (a). ~ End of Section B

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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