Problem 1 - Prepare a bank reconciliation The following information relates to M Park Corporation for the month of March 2022: 1. Cash balance per books, March 31 was $20,647.00 2. Deposits in transit, March 31 were $8,140.00 3. The March bank service charge was $34.00 and has not been recorded by the company. 4. Outstanding checks, March 31 were $3,905.00 5. An electronic funds transfer (EFT) collected by the bank was $590. The collection has not been recorded by M Park Corporation. 6. The bank made an error and recorded a $3,000 deposit twice. 7. Cash balance per bank, March 31 was $19,968.00 Purpose The purpose of this problem is to demonstrate an understanding of preparing a bank reconciliation. Instructions After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st. Reconcile the cash balance per the bank first and list items that increase the cash balance first. Also, round amounts to two decimal places. Please provide explainations, thanks! (
Problem 1 - Prepare a bank reconciliation
The following information relates to M Park Corporation for the month of March 2022:
1. Cash balance per books, March 31 was $20,647.00
2. Deposits in transit, March 31 were $8,140.00
3. The March bank service charge was $34.00 and has not been recorded by the company.
4. Outstanding checks, March 31 were $3,905.00
5. An electronic funds transfer (EFT) collected by the bank was $590. The collection has not been recorded by M Park Corporation.
6. The bank made an error and recorded a $3,000 deposit twice.
7. Cash balance per bank, March 31 was $19,968.00
Purpose
The purpose of this problem is to demonstrate an understanding of preparing a bank reconciliation.
Instructions
After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st. Reconcile the cash balance per the bank first
and list items that increase the cash balance first. Also, round amounts to two decimal places.
Please provide explainations, thanks! (
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