Please prepare bank reconcilation and prepare adjusting entries. CP 7-3The Cash general ledger account balance of Gladstone Ltd. was $2,531at March 31, 2019. On this same date, the bank statement had abalance of $1,500. The following discrepancies were noted:a. A deposit of $1,000 made on March 30, 2019 was not yet recordedby the bank on the March statement.b. A customer's check amounting to $700 and deposited on March 15was returned NSF with the bank statement.c. Check #4302 for office supplies expense, correctly made out for$125 and clearing the bank for this amount, was recorded in theCheck deduction error of $27company records as $152.d. $20 for March service charges were recorded on the bank statementbut not in the company records.e. A cancelled check for $250 belonging to Global Corp. but charged bythe bank to Gladstone Ltd. was included with the cancelled checksreturned by the bank.f. There were $622 of outstanding checks at March 31.g. The bank collected a note receivable for $300 on March 31 includinginterest of $50. The bank charged Gladstone Ltd. a $10 servicecharge that also is not included in the company records.Required: Prepare a bank reconciliation and record all necessaryadjusting entries at March 31, 2019.

Answered: The Cash general ledger account balance…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Please prepare bank reconcilation and prepare adjusting entries.

CP 7-3
The Cash general ledger account balance of Gladstone Ltd. was $2,531
at March 31, 2019. On this same date, the bank statement had a
balance of $1,500. The following discrepancies were noted:
a. A deposit of $1,000 made on March 30, 2019 was not yet recorded
by the bank on the March statement.
b. A customer's check amounting to $700 and deposited on March 15
was returned NSF with the bank statement.
c. Check #4302 for office supplies expense, correctly made out for
$125 and clearing the bank for this amount, was recorded in the
Check deduction error of $27
company records as $152.
d. $20 for March service charges were recorded on the bank statement
but not in the company records.
e. A cancelled check for $250 belonging to Global Corp. but charged by
the bank to Gladstone Ltd. was included with the cancelled checks
returned by the bank.
f. There were $622 of outstanding checks at March 31.
g. The bank collected a note receivable for $300 on March 31 including
interest of $50. The bank charged Gladstone Ltd. a $10 service
charge that also is not included in the company records.
Required: Prepare a bank reconciliation and record all necessary
adjusting entries at March 31, 2019.

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