The bank reconciliation prepared by Gatz Company on May 31, 2020, appeared as follows:GATZ COMPANYBank ReconciliationMay 31, 2020Bank statement balance$ 9,364.35Book balance$19,639.00Add:Deposit of May 31 in transit959.00$10,323.35Deduct:Deduct:Outstanding cheques:NSF cheque plus service charge$11,655.65#876643.00#8821,763.002,406.00Bank service charge66.0011,721.65Adjusted bank balance$ 7,917.35Adjusted book balance$ 7,917.35The Cash account in the General Ledger appeared as follows on June 30 (Gatz uses only a General Journal to record transactions):Acct. No.Cash101DateExplanationPRDebitCreditBalance2020May 31 BalanceJune 1 Cheque #8831 Cheque #8843 Cheque #8854 Cheque #8869 Deposit12 Cheque #8877,917.351,850.00 6,067.35107.00 5,960.35618.00 5, 342.35GJ16GJ16GJ16GJ161,917.00 3,425.358,011.35425.15 7,586.203,143.00 4,443.20937.00 3,506.207,392.202,540.00 4,852.201,406.24 3,445.96950.96GJ164,586.00GJ1612 Cheque #88812 Cheque #88918 Deposit20 Cheque #89021 Cheque #89124 Cheque #89226 Cheque #89329 DepositGJ16GJ16GJ163,886.00GJ16GJ16GJ162,495.00GJ1671.00879.96GJ161,748.002,627.96 The following bank statement is available for June:Bank StatementJune 30, 2020Bank of MontrealTo: Gatz CompanyDeposits/Credits05/3106/01Cheques/ChargesBalance9,364.3510,216.358,366.3512,309.3511,372.359,609.3513,250.2012,632.2011,585.969,668.969,596.9606/0106/0406/09#884107.00959.00#8831,850.00643.00#87606/094,586.00#88906/12937.00#88206/141,763.0006/1806/2006/2106/2906/30#887245.1506/183,886.00#885618.001,046.241,917.00#891#88606/30PMT = PrincipalSC72.00SC = ServiceChargeNSF = Not SufficientINT = InterestFundsPaymentRequired:a. Prepare a bank reconciliation at June 30, 2020. Assume that any errors made were by the bookkeeper (cheque #887 was for officesupplies; cheque #891 was for utilities expense). (Round your answers to 2 decimal places.)

A bank reconciliation statement aligns an organization's bank account with its financial documents…

The bank reconciliation prepared by Gatz Company on May 31, 2020, appeared as follows: GATZ COMPANY Bank Reconciliation $ 9,364.35 May 31, 2020 Book balance Bank statement balance $19,639.00 Add: Deposit of May 31 in transit 959.00 $10,323.35 Deduct: Deduct: NSF cheque plus service charge $11,655.65 Outstanding cheques: #876 #882 2$ 643.00 1,763.00 2,406.00 Bank service charge 66.00 11,721.65 Adjusted bank balance $ 7,917.35 Adjusted book balance $ 7,917.35 The Cash account in the General Ledger appeared as follows on June 30 (Gatz uses only a General Journal to record transactions): Acct. No. Cash 101 Date Explanation PR Debit Credit Balance 2020 May 31 Balance June 1 Cheque #883 1 Cheque #884 3 Cheque #885 4 Cheque #886 9 Deposit 12 Cheque #887 12 Cheque #888 12 Cheque #889 18 Deposit 20 Cheque #890 21 Cheque #891 24 Cheque #892 26 Cheque #893 29 Deposit 7,917.35 1,850.00 6,067.35 107.00 5,960.35 618.00 5,342.35 1,917.00 3,425.35 8,011.35 425.15 7,586.20 3,143.00 4,443.20 937.00 3,506.20 7,392.20 2,540.00 4,852.20 1,406.24 3,445.96 950.96 GJ16 GJ16 GJ16 GJ16 GJ16 4,586.00 GJ16 GJ16 GJ16 GJ16 3,886.00 GJ16 GJ16 GJ16 2,495.00 GJ16 71.00 879.96 GJ16 1,748.00 2,627.96

The bank reconciliation prepared by Gatz Company on May 31, 2020, appeared as follows: GATZ COMPANY Bank Reconciliation $ 9,364.35 May 31, 2020 Book balance Bank statement balance $19,639.00 Add: Deposit of May 31 in transit 959.00 $10,323.35 Deduct: Deduct: NSF cheque plus service charge $11,655.65 Outstanding cheques: #876 #882 2$ 643.00 1,763.00 2,406.00 Bank service charge 66.00 11,721.65 Adjusted bank balance $ 7,917.35 Adjusted book balance $ 7,917.35 The Cash account in the General Ledger appeared as follows on June 30 (Gatz uses only a General Journal to record transactions): Acct. No. Cash 101 Date Explanation PR Debit Credit Balance 2020 May 31 Balance June 1 Cheque #883 1 Cheque #884 3 Cheque #885 4 Cheque #886 9 Deposit 12 Cheque #887 12 Cheque #888 12 Cheque #889 18 Deposit 20 Cheque #890 21 Cheque #891 24 Cheque #892 26 Cheque #893 29 Deposit 7,917.35 1,850.00 6,067.35 107.00 5,960.35 618.00 5,342.35 1,917.00 3,425.35 8,011.35 425.15 7,586.20 3,143.00 4,443.20 937.00 3,506.20 7,392.20 2,540.00 4,852.20 1,406.24 3,445.96 950.96 GJ16 GJ16 GJ16 GJ16 GJ16 4,586.00 GJ16 GJ16 GJ16 GJ16 3,886.00 GJ16 GJ16 GJ16 2,495.00 GJ16 71.00 879.96 GJ16 1,748.00 2,627.96

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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