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 $8140.00 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 S590. 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 purnose of this problem is to demonstrate an understanding of prenaring a bank reconciliation
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 $8140.00 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 S590. 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 purnose of this problem is to demonstrate an understanding of prenaring a bank reconciliation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Explainations would help a lot as well!

Transcribed Image Text: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 S3,905.00
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
Рurpose
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.
Guidance
For formatting guidance, see the bank reconciliation example that is provided in Chapter 7 of the textbook.
Your Answer:
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education