QI AL- Kauther Company deposits all receipts and makes all payments bycheck. The following information is available from the cash records.1- The bank statement for August 2014 shows an ending balance of $ 3490.2- On August 31 the bank statement shows charges of $35 for the servicecharge for maintaining the checking account.3- On August 28 the bank statement shows a return item of $ 100 plus a relatedbank fee of 10$. The return item is a customer's check that was returnedbecause of insufficient funds. The check was also marked "do notredeposit."4- The bank statement shows a charge of $80 for check printing on August 20.5- The bank statement shows that $8 was added to the checking account onAugust 31 for interest earned by the company during the month of August.6- The bank statement shows that a note receivable of $1,000 was collected bythe bank on August 29 and was deposited into the company's account. Onthe same day, the bank withdrew $40 from the company's account as a feefor collecting the note receivable.7- The company's Cash account at the end of August shows a balance of $967.8- During the month of August the company wrote checks totaling more than$50,000. As of August 31 $3,02lof the checks written in August had not yetcleared the bank and $200 of checks written in June had not yet cleared thebank9- The $1450 of cash received by the company on August 31 was recorded onthe company's books of August 31. However, the $1450 of cash receiptswas deposited at the bank on the morning of September 1.10- On August 29 the company's Cash account shows cash sales of $145. Thebank statement shows the amount deposited was actually $154 was thecorrect amount.Required : prepare bank account reconciliation( to the correct balance) at August31, 2014.

Answered: Required : prepare bank account…

Business

Accounting

Required : prepare bank account reconciliation( to the correct balance) at August 31, 2014.

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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