Perform a bank reconciliation of comvita company. a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019 b) Based on your analysis, propose adjusting entries (if any). Transactions and balances: • 31 Jul 2019 Bank Statement balance $ 58,791 • 31 Jul 2019 balance per Jack’s records $ 57,371 • Jack received a payment that he has not deposited $ 250 • Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612 • Bank charges for the month of July were $40 • Interest on bank balance credited to Jack’s account $ 98
Perform a bank reconciliation of comvita company. a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019 b) Based on your analysis, propose adjusting entries (if any). Transactions and balances: • 31 Jul 2019 Bank Statement balance $ 58,791 • 31 Jul 2019 balance per Jack’s records $ 57,371 • Jack received a payment that he has not deposited $ 250 • Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612 • Bank charges for the month of July were $40 • Interest on bank balance credited to Jack’s account $ 98
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Perform a bank reconciliation of comvita company.
a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019
b) Based on your analysis, propose
Transactions and balances:
• 31 Jul 2019 Bank Statement balance $ 58,791
• 31 Jul 2019 balance per Jack’s records $ 57,371
• Jack received a payment that he has not deposited $ 250
• Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612
• Bank charges for the month of July were $40
• Interest on bank balance credited to Jack’s account $ 98
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