Question 2aThe following data apply to ABC Quality Goods for May Year 1:• Balance per the bank on May 31: $11,220 and book balance, May 31, Year 1 $ 11,718● Deposits in transit not recorded by the bank: $2,470.• Bank error, cheque written by Best Beauty Supply was charged to ABC Quality Goods's account: $800.The following cheques written and recorded by ABC Quality Goods were not included in the bank statement:Ch No. Amount30131653054 5103056 1,780Note collected by the bank: $750.Service charge for collection of note: $21.• The bookkeeper recorded a cheque written for $634 to pay for the May utilities expense as $544 in the cash disbursements journal.Bank service charge in addition to the note collection fee: $45.Customer cheques returned by the bank as NSF: $177.Prepare a bank reconciliation statement for ABC Quality Goods as on 31 May..

A bank reconciliation statement is a summary of cash balance as per Bank and as per Books that…

The following data apply to ABC Quality Goods for May Year 1: • Balance per the bank on May 31: $11,220 and book balance, May 31, Year 1 $ 11,718 . Deposits in transit not recorded by the bank: $2,470. • Bank error, cheque written by Best Beauty Supply was charged to ABC Quality Goods's account: $800. The following cheques written and recorded by ABC Quality Goods were not included in the bank statement: Ch No. Amount 3013 3054 165 510 3056 1,780 Note collected by the bank: $750. Service charge for collection of note: $21. The bookkeeper recorded a cheque written for $634 to pay for the May utilities expense as $544 in the cash disbursements jou Bank service charge in addition to the note collection fee: $45. Customer cheques returned by the bank as NSF: $177. Prepare a bank reconciliation statement for ABC Quality Goods as on 31 May.

The following data apply to ABC Quality Goods for May Year 1: • Balance per the bank on May 31: $11,220 and book balance, May 31, Year 1 $ 11,718 . Deposits in transit not recorded by the bank: $2,470. • Bank error, cheque written by Best Beauty Supply was charged to ABC Quality Goods's account: $800. The following cheques written and recorded by ABC Quality Goods were not included in the bank statement: Ch No. Amount 3013 3054 165 510 3056 1,780 Note collected by the bank: $750. Service charge for collection of note: $21. The bookkeeper recorded a cheque written for $634 to pay for the May utilities expense as $544 in the cash disbursements jou Bank service charge in addition to the note collection fee: $45. Customer cheques returned by the bank as NSF: $177. Prepare a bank reconciliation statement for ABC Quality Goods as on 31 May.

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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