This question requires you to do 2 things. Firstly, prepare the Bank Reconciliation Statement, but then also prepare the journal entries that are needed, in your own books (i.e. the business ledger) to bring your accounts into line with the extra transactions that have occurred in the Bank system. Good luck! E8-9 Preparing a bank reconciliation [10–15 min] Fred Brown operates four bowling alleys. He just received the 30 April bank statement from Citywide Bank and the statement shows an ending balance of $800. Listed on the statement are an EFT rent collection of $400, a service charge of $12, dishonoured cheques totalling $74 and a $9 charge for printed cheques. In reviewing his cash records, Brown identifies outstanding cheques totalling $467 and a deposit in transit of $1788. During April, he recorded a $290 cheque by debiting Salary expense and crediting Cash for $29. Fred Brown's Cash account shows a 30 April balance of $2077. Prepare the bank reconciliation at 30 April. Journalise any transactions required from the bank reconciliation.
This question requires you to do 2 things. Firstly, prepare the Bank Reconciliation Statement, but then also prepare the journal entries that are needed, in your own books (i.e. the business ledger) to bring your accounts into line with the extra transactions that have occurred in the Bank system. Good luck! E8-9 Preparing a bank reconciliation [10–15 min] Fred Brown operates four bowling alleys. He just received the 30 April bank statement from Citywide Bank and the statement shows an ending balance of $800. Listed on the statement are an EFT rent collection of $400, a service charge of $12, dishonoured cheques totalling $74 and a $9 charge for printed cheques. In reviewing his cash records, Brown identifies outstanding cheques totalling $467 and a deposit in transit of $1788. During April, he recorded a $290 cheque by debiting Salary expense and crediting Cash for $29. Fred Brown's Cash account shows a 30 April balance of $2077. Prepare the bank reconciliation at 30 April. Journalise any transactions required from the bank reconciliation.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section5.2: Bank Reconciliation
Problem 1WT
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![This question requires you to do 2 things. Firstly, prepare the Bank Reconciliation
Statement, but then also prepare the journal entries that are needed, in your own books
(i.e. the business ledger) to bring your accounts into line with the extra transactions that
have occurred in the Bank system. Good luck!
E8-9 Preparing a bank reconciliation [10–15 min]
Fred Brown operates four bowling alleys. He just received the 30 April bank statement from
Citywide Bank and the statement shows an ending balance of $800. Listed on the statement are
an EFT rent collection of $400, a service charge of $12, dishonoured cheques totalling $74 and
a $9 charge for printed cheques. In reviewing his cash records, Brown identifies outstanding
cheques totalling $467 and a deposit in transit of $1788. During April, he recorded a $290
cheque by debiting Salary expense and crediting Cash for $29. Fred Brown's Cash account
shows a 30 April balance of $2077. Prepare the bank reconciliation at 30 April. Journalise any
transactions required from the bank reconciliation.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3933e659-0e4e-4082-b0d0-cddeecd047c4%2Fe0cbd405-6492-43fb-8f3c-4d7dc47a6a5a%2F8f0x3tr_processed.png&w=3840&q=75)
Transcribed Image Text:This question requires you to do 2 things. Firstly, prepare the Bank Reconciliation
Statement, but then also prepare the journal entries that are needed, in your own books
(i.e. the business ledger) to bring your accounts into line with the extra transactions that
have occurred in the Bank system. Good luck!
E8-9 Preparing a bank reconciliation [10–15 min]
Fred Brown operates four bowling alleys. He just received the 30 April bank statement from
Citywide Bank and the statement shows an ending balance of $800. Listed on the statement are
an EFT rent collection of $400, a service charge of $12, dishonoured cheques totalling $74 and
a $9 charge for printed cheques. In reviewing his cash records, Brown identifies outstanding
cheques totalling $467 and a deposit in transit of $1788. During April, he recorded a $290
cheque by debiting Salary expense and crediting Cash for $29. Fred Brown's Cash account
shows a 30 April balance of $2077. Prepare the bank reconciliation at 30 April. Journalise any
transactions required from the bank reconciliation.
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