Mackie Company had the following information on March 31, 2023: 1. Cash balance per bank, March 31, $80,100 2. Miscellaneous bank fees, $185. 3. Cash balance per books, March 31, $71,810 4. The bank charged Mackie's account $660 for a customer's NSF check. 5. Deposits in transit, March 31: $7,780 6. Mackie recorded a check payment of $950 to a supplier as a decrease to cash of $590. The bank correctly paid the $950. 7. The bank collected a $12,500 EFT payment for Mackie in March. The collection has not been recorded by Mackie. 8. Outstanding checks as of March 31: $4,630 9. Interest earned on the bank balance was $145 for the month of March. Questions: a. Prepare a bank reconciliation for Mackie Company for the month of March. You must show your calculations for both the bank side and the book (ledger) side, and the two sides must equal each other after all adjustments are made. b. Prepare the journal entry to record the Non-Sufficient Funds check (from #4).
Mackie Company had the following information on March 31, 2023:
1. Cash balance per bank, March 31, $80,100
2. Miscellaneous bank fees, $185.
3. Cash balance per books, March 31, $71,810
4. The bank charged Mackie's account $660 for a customer's NSF check.
5. Deposits in transit, March 31: $7,780
6. Mackie recorded a check payment of $950 to a supplier as a decrease to cash of $590. The bank correctly paid the $950.
7. The bank collected a $12,500 EFT payment for Mackie in March. The collection has not been recorded by Mackie.
8. Outstanding checks as of March 31: $4,630
9. Interest earned on the bank balance was $145 for the month of March.
Questions:
a. Prepare a bank reconciliation for Mackie Company for the month of March. You must show your calculations for both the bank side and the book (ledger) side, and the two sides must equal each other after all adjustments are made.
b. Prepare the
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
