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Other Information 1. Check no. 1462 was outstanding from February. 2. A credit memo for collection of accounts receivable was included in the bank statement. 3. All checks were paid at the correct amount. 4. The bank statement included a debit memo for service charges. 5. The February 28 bank reconciliation showed a deposit in transit of$1,135. 6. Check no. 1468 was for the purchase of equipment. 7. The unadjusted Cash account balance at March 31 was$13,072. Required: a. Prepare the bank reconciliation for Pyle Garage at the end of March. b. Explain how the adjustments described above affect the cash account.

Other Information 1. Check no. 1462 was outstanding from February. 2. A credit memo for collection of accounts receivable was included in the bank statement. 3. All checks were paid at the correct amount. 4. The bank statement included a debit memo for service charges. 5. The February 28 bank reconciliation showed a deposit in transit of$1,135. 6. Check no. 1468 was for the purchase of equipment. 7. The unadjusted Cash account balance at March 31 was$13,072. Required: a. Prepare the bank reconciliation for Pyle Garage at the end of March. b. Explain how the adjustments described above affect the cash account.

FINANCIAL ACCOUNTING
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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Other Information 1. Check no. 1462 was outstanding from February.
2. A credit memo for collection of accounts receivable was included in the bank statement.
3. All checks were paid at the correct amount.
4. The bank statement included a debit memo for service charges.
5. The February 28 bank reconciliation showed a deposit in transit of$1,135.
6. Check no. 1468 was for the purchase of equipment.
7. The unadjusted Cash account balance at March 31 was$13,072.
Required: a. Prepare the bank reconciliation for Pyle Garage at the end of March.
b. Explain how the adjustments described above affect the cash account.
 
 
Pyle Garage 629 Main Street HAZARD, GA 30321 BANK STATEMENT HAZARD STATE BANK 215 MAIN STREET HAZARD, GA 30321 Beginning balance 3/1/Year 2 Total deposits and other credits Total checks and other debits Ending balance 3/31/Year 2 Checks and Debits Check No. 1462 1463 1464 1465 1466 1467 DM 1468 Amount $3,794 1,680 8,038 2,941 1,447 6,218 57 820 Account number 62-00062 March 31, Year 2 $9,067 30,072 24,995 14,144 Deposits and Credits Date Amount $1,135 March 1 March 2 March 6 March 12 March 17 March 22 CM 6,543 4,971 6, 207 6,004 2,123 3,089
Transcribed Image Text:Pyle Garage 629 Main Street HAZARD, GA 30321 BANK STATEMENT HAZARD STATE BANK 215 MAIN STREET HAZARD, GA 30321 Beginning balance 3/1/Year 2 Total deposits and other credits Total checks and other debits Ending balance 3/31/Year 2 Checks and Debits Check No. 1462 1463 1464 1465 1466 1467 DM 1468 Amount $3,794 1,680 8,038 2,941 1,447 6,218 57 820 Account number 62-00062 March 31, Year 2 $9,067 30,072 24,995 14,144 Deposits and Credits Date Amount $1,135 March 1 March 2 March 6 March 12 March 17 March 22 CM 6,543 4,971 6, 207 6,004 2,123 3,089
The following is a list of checks and deposits recorded on the books of Pyle Garage for March, Year 2: Check No. Amount of Deposit 1463 $6,543 4,971 6,207 6,004 2,123 3,586 Date March 1 March 5 6 March March 9 March 10 March 14 in 6 a March 19 March 28 1464 1465 1466 1467 1468 1469 1470 Amount of Check $1,680 8,038 2,941 1,447 6,218 130 1,535 781 Date March 1 March 5 March 10 March 16 March 19 March 29
Transcribed Image Text:The following is a list of checks and deposits recorded on the books of Pyle Garage for March, Year 2: Check No. Amount of Deposit 1463 $6,543 4,971 6,207 6,004 2,123 3,586 Date March 1 March 5 6 March March 9 March 10 March 14 in 6 a March 19 March 28 1464 1465 1466 1467 1468 1469 1470 Amount of Check $1,680 8,038 2,941 1,447 6,218 130 1,535 781 Date March 1 March 5 March 10 March 16 March 19 March 29
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