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The following is the Cash Book (Bank columns only) for Mary Clarke for June 2020. Debit Credit $ $ June 1 Balance 8000 June 6 Rent 1200 b/d June 9 1200 June 9 Electricity 600 Lodgement June 10 Gary 1000 June 12 Bob 1600

The following is the Cash Book (Bank columns only) for Mary Clarke for June 2020. Debit Credit $ $ June 1 Balance 8000 June 6 Rent 1200 b/d June 9 1200 June 9 Electricity 600 Lodgement June 10 Gary 1000 June 12 Bob 1600

FINANCIAL ACCOUNTING
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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The following is the Cash Book (Bank columns only) for Mary Clarke for June 2020. Debit Credit $ $ June 1 Balance 8000 June 6 Rent 1200 b/d June 9 1200 June 9 Electricity 600 Lodgement June 10 Gary 1000 June 12 Bob 1600 Grant Parker June 14 Bryan 3040 June 15 Frank 800 Brown Whyte June 22 Paul 3680 June 24 Tom 3360 Carter Green June 30 Balance 9360 c/d 16920 16920 The following Bank Statement relates to the same period under consideration Receipts 2$ Balance Payments $ 2020 $ June 1 Balance b/d 8000 4 Standing order 60 7940 8 Rent 1200 6740 12 Electricity 13 Lodgement 15 Gary Grant 600 6140 1200 7340 1000 8340 18 Joan 1140 9480 Thomas 21 760 8720 Dishonoured cheque 24 Bank 120 8600 charges 26 Direct 400 9000 transfer 30 Bob Parker 1600 7400 Required: A. Prepare an updated cash book for the month of June 2020. B. Prepare a bank reconciliation statement as of June 30, 2020. C. Explain ONE (1) reason for the difference between the balance on the cash book and the bank statement.
Transcribed Image Text:The following is the Cash Book (Bank columns only) for Mary Clarke for June 2020. Debit Credit $ $ June 1 Balance 8000 June 6 Rent 1200 b/d June 9 1200 June 9 Electricity 600 Lodgement June 10 Gary 1000 June 12 Bob 1600 Grant Parker June 14 Bryan 3040 June 15 Frank 800 Brown Whyte June 22 Paul 3680 June 24 Tom 3360 Carter Green June 30 Balance 9360 c/d 16920 16920 The following Bank Statement relates to the same period under consideration Receipts 2$ Balance Payments $ 2020 $ June 1 Balance b/d 8000 4 Standing order 60 7940 8 Rent 1200 6740 12 Electricity 13 Lodgement 15 Gary Grant 600 6140 1200 7340 1000 8340 18 Joan 1140 9480 Thomas 21 760 8720 Dishonoured cheque 24 Bank 120 8600 charges 26 Direct 400 9000 transfer 30 Bob Parker 1600 7400 Required: A. Prepare an updated cash book for the month of June 2020. B. Prepare a bank reconciliation statement as of June 30, 2020. C. Explain ONE (1) reason for the difference between the balance on the cash book and the bank statement.
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