On february 28th, 2022, Mark, the accountant of the scented candle business Smells LTD, prepared the documents for his february bank reconciliation. He noted a Cash balance of $15,534 in the general ledger. The bank statement on that date showed a balance of $17,675. A comparison of the bank statement with the cash account revealed the following The bank statement included service charges and card processing fees of $50 The bank statement included electronic collections (EFT) from customers, totaling $5,520. Smells LTD had not recorded the EFT yet A deposit of $200 made by another company was incorrectly added to Breathe-ins account by their bank Recent deposits worth $5,400 are not currently showing on the bank statement Cheques outstanding on January 31 totaled $3,754. Of these, $1,883 cleared the bank in February and are no longer outstanding. All new cheques written in February cleared the bank during the month Enter amounts with the final number rounded to the nearest $. If no calculation is to be made write a 0 Blank 1: What is the total amount to be added to the bank side? Blank 2: What is the total amount to be subtracted from the bank side? Blank 3: What is the total amount to be added to the books side? Blank 4: What is the total amount to be subtracted to the books side? Blank 5: How many journal entries would you need to record for this bank reconciliation

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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On february 28th, 2022, Mark, the accountant of the scented candle business Smells LTD, prepared the documents for his february bank reconciliation. He noted a Cash balance of $15,534 in the general ledger. The bank statement on that date showed a balance of $17,675. A comparison of the bank statement with the cash account revealed the following

The bank statement included service charges and card processing fees of $50
The bank statement included electronic collections (EFT) from customers, totaling $5,520. Smells LTD had not recorded the EFT yet
A deposit of $200 made by another company was incorrectly added to Breathe-ins account by their bank
Recent deposits worth $5,400 are not currently showing on the bank statement
Cheques outstanding on January 31 totaled $3,754. Of these, $1,883 cleared the bank in February and are no longer outstanding. All new cheques written in February cleared the bank during the month

Enter amounts with the final number rounded to the nearest $. If no calculation is to be made write a 0

Blank 1: What is the total amount to be added to the bank side?

Blank 2: What is the total amount to be subtracted from the bank side?

Blank 3: What is the total amount to be added to the books side?

Blank 4: What is the total amount to be subtracted to the books side?

Blank 5: How many journal entries would you need to record for this bank reconciliation

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