Blossom Food Store used the following information in recording its bank reconciliation for the month of April.Balance per books April 30 $ 805Balance per bank statement April 30 $ 11,400 (1) Checks written in April but still outstanding $ 6,000. (2) Checks written in March but still outstanding $ 2,500. (3) Deposits of April 30 not yet recorded by bank $ 4,000. (4) NSF check of customer returned by bank $ 510. (5) Check No. 210 for $ 583 was correctly issued and paid by the bank but incorrectly entered in the cash payments journal as payment on account for $ 538. (6) Bank service charge for April was $ 40. (7) A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $ 613 when Check No. 318 was correctly prepared for $ 163. The check cleared the bank in April. (8) The bank collected a note receivable for the company of $ 6,000 plus $ 240 interest revenue. Prepare a bank reconciliation at April 30 Prepare a bank reconciliation at April 30.BLOSSOM FOOD STOREBank Reconciliation%242$%2$%24

Solution: Bank reconciliation statement of Blossom food store is as under:

Answered: lossom Food Store used the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Blossom Food Store used the following information in recording its bank reconciliation for the month of April.

Balance per books April 30		$ 805
Balance per bank statement April 30		$ 11,400

(1)		Checks written in April but still outstanding $ 6,000.
(2)		Checks written in March but still outstanding $ 2,500.
(3)		Deposits of April 30 not yet recorded by bank $ 4,000.
(4)		NSF check of customer returned by bank $ 510.
(5)		Check No. 210 for $ 583 was correctly issued and paid by the bank but incorrectly entered in the cash payments journal as payment on account for $ 538.
(6)		Bank service charge for April was $ 40.
(7)		A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $ 613 when Check No. 318 was correctly prepared for $ 163. The check cleared the bank in April.
(8)		The bank collected a note receivable for the company of $ 6,000 plus $ 240 interest revenue.

Prepare a bank reconciliation at April 30

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.

Similar questions