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Prepare a bank reconciliation using good format. b. Prepare any necessary adjusting journal entries for April 30, 2020. а.

Prepare a bank reconciliation using good format. b. Prepare any necessary adjusting journal entries for April 30, 2020. а.

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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PROBLEM 1. The accounting records for Ortiz, Inc. revealed the following information on April 30, 2020: $51,000 Bank statement balance, April 30, 2020 Credit memo with bank statement for interest 15 earned during April on bank account Debit memo with bank statement for April's service charge 27 2,000 Deposits in transit on April 30 Cash on hand 500 1,000 NSF customer check on April 30 A $175 deposit made on April 3 was recorded incorrectly by the bank as The bank collected a customer's note receivable 125 (including 10% interest) Outstanding checks on April 30 Cash account balance, April 30, 2020 1,100 3,900 50,000 Required: Prepare a bank reconciliation using good format. b. Prepare any necessary adjusting journal entries for April 30, 2020. а.
Transcribed Image Text:PROBLEM 1. The accounting records for Ortiz, Inc. revealed the following information on April 30, 2020: $51,000 Bank statement balance, April 30, 2020 Credit memo with bank statement for interest 15 earned during April on bank account Debit memo with bank statement for April's service charge 27 2,000 Deposits in transit on April 30 Cash on hand 500 1,000 NSF customer check on April 30 A $175 deposit made on April 3 was recorded incorrectly by the bank as The bank collected a customer's note receivable 125 (including 10% interest) Outstanding checks on April 30 Cash account balance, April 30, 2020 1,100 3,900 50,000 Required: Prepare a bank reconciliation using good format. b. Prepare any necessary adjusting journal entries for April 30, 2020. а.
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