Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $67,266. The general ledger Cash account, Number 101, shows an ending cash balance per books of $67,846 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, Number 101, reveals the following. a. The bank erroneously cleared a $580 check against the company account in March that S. Rey did not Issue. The check was actually Issued by Business Systems. b. On March 25, the bank statement lists a $55 charge for a safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a $110 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. d. On March 31, the bank statement lists $33 Interest earned on Business Solutions's checking account for the month of March. Santana has not yet recorded this revenue. e. S. Rey notices that the check she issued for $132 on March 31, 2022, has not yet cleared the bank. f. S. Rey verifies that all deposits made In March do appear on the March bank statement. Required: 1. Prepare a bank reconciliation for Business Solutions for the month ended March 31, 2022.
Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $67,266. The general ledger Cash account, Number 101, shows an ending cash balance per books of $67,846 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, Number 101, reveals the following. a. The bank erroneously cleared a $580 check against the company account in March that S. Rey did not Issue. The check was actually Issued by Business Systems. b. On March 25, the bank statement lists a $55 charge for a safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a $110 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. d. On March 31, the bank statement lists $33 Interest earned on Business Solutions's checking account for the month of March. Santana has not yet recorded this revenue. e. S. Rey notices that the check she issued for $132 on March 31, 2022, has not yet cleared the bank. f. S. Rey verifies that all deposits made In March do appear on the March bank statement. Required: 1. Prepare a bank reconciliation for Business Solutions for the month ended March 31, 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Nn.195.
Subject:- Account
Transcribed Image Text:SP 6 Serial Problem Business Solutions (Algo) LO P3
Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an
ending cash balance of $67,266. The general ledger Cash account, Number 101, shows an ending cash balance per books of $67,846
as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, Number 101,
reveals the following.
a. The bank erroneously cleared a $580 check against the company account in March that S. Rey did not Issue. The check was
actually Issued by Business Systems.
b. On March 25, the bank statement lists a $55 charge for a safety deposit box. Santana has not yet recorded this expense.
c. On March 26, the bank statement lists a $110 charge for printed checks that Business Solutions ordered from the bank. Santana has
not yet recorded this expense.
d. On March 31, the bank statement lists $33 Interest earned on Business Solutions's checking account for the month of March.
Santana has not yet recorded this revenue.
e. S. Rey notices that the check she Issued for $132 on March 31, 2022, has not yet cleared the bank.
f. S. Rey verifies that all deposits made in March do appear on the March bank statement.
Required:
1. Prepare a bank reconciliation for Business Solutions for the month ended March 31, 2022.
Bank statement balance
Add:
Deduct:
Adjusted bank balance
S
S
BUSINESS SOLUTIONS
Bank Reconciliation
March 31, 2022
67,266 Book balance
Add:
0
67,266
0
Deduct:
$ 67,266 Adjusted book balance
S
S
67,846
0
67,846
0
S 67,846
Transcribed Image Text:2. Prepare any necessary entries. Use Miscellaneous Expenses, for any bank charges. Use Interest Revenue, for any interest earned
on the checking account for March. (If no entry is required for a transaction/event, select "No Journal entry required" in the first
account field.)
View transaction list
Journal entry worksheet
< 1
2
Record journal entry related to the $580 check charged erroneously to
Business Solutions' account, if required.
Date
March 31
3 4 5
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
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