The cash for Jackson Valuation Services as at November 30, 2018 indicated a balance of RM6,800. The bank statement however, showed a balance of RM18,000 on the same date. Comparing the bank statement and the accompanying cancelled cheques and memos with the record reveals the following reconciliation items: • A deposit of RM5,800 is still in transit. • Outstanding cheques total RM1,500. • The bookkeeper recorded a RM1,740 cheque as RM17,400 for the payment of current month's rent. • A deposit of RM400 was credited by the bank for RM4,000. • A customer's cheque for RM3,700 was returned for nonsufficient funds (NSF). • The bank service charges is RM60 for the month of November. Based on the given information: (a) Prepare the bank reconciliation for Jackson Valuation Services. (b) Determine the necessary journal entries.

The cash for Jackson Valuation Services as at November 30, 2018 indicated a balance of RM6,800. The bank statement however, showed a balance of RM18,000 on the same date. Comparing the bank statement and the accompanying cancelled cheques and memos with the record reveals the following reconciliation items: • A deposit of RM5,800 is still in transit. • Outstanding cheques total RM1,500. • The bookkeeper recorded a RM1,740 cheque as RM17,400 for the payment of current month's rent. • A deposit of RM400 was credited by the bank for RM4,000. • A customer's cheque for RM3,700 was returned for nonsufficient funds (NSF). • The bank service charges is RM60 for the month of November. Based on the given information: (a) Prepare the bank reconciliation for Jackson Valuation Services. (b) Determine the necessary journal entries.

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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