You are the accountant for Georgia Company, and you have recently received the bank statement for your company's account and need to reconcile it with your general ledger cash account. Georgia's records show an ending balance for the month of $12,802.40 while the bank's records show an ending balance of $12,573.76. The bank charged $7.50 in service fees and paid $26.15 in interest. All but three checks written during the month were processed by the bank without incident during the month. The three exceptions were: • Check # 841 was correctly processed by the bank as $841.27 but was mistakenly recorded by you as $741.27. Check #853 for $70.57 had not yet been processed by the bank. • Check #855 for $723.46 had not yet been processed by the bank. All but two of the deposits made during the month were processed by the bank without incident. The two exceptions were: • A customer check for $321.95, which had been deposited during the month, was returned NSF. • A deposit totaling $619.37 had not yet been processed by the bank. Required: Using the information provided above, prepare a bank reconciliation. (Round your answers to 2 decimal places.) Bank Reconciliation Updates to Bank Statement Ending Cash Balance per Bank Statement Additions: Deductions: Updates to Ending Cash Balance per Boo Additions: $ 0.00 $ 0.00 Deductions: $ 0.00 Up-to-date ending cash balance Up-to-date ending cash balanc
You are the accountant for Georgia Company, and you have recently received the bank statement for your company's account and need to reconcile it with your general ledger cash account. Georgia's records show an ending balance for the month of $12,802.40 while the bank's records show an ending balance of $12,573.76. The bank charged $7.50 in service fees and paid $26.15 in interest. All but three checks written during the month were processed by the bank without incident during the month. The three exceptions were: • Check # 841 was correctly processed by the bank as $841.27 but was mistakenly recorded by you as $741.27. Check #853 for $70.57 had not yet been processed by the bank. • Check #855 for $723.46 had not yet been processed by the bank. All but two of the deposits made during the month were processed by the bank without incident. The two exceptions were: • A customer check for $321.95, which had been deposited during the month, was returned NSF. • A deposit totaling $619.37 had not yet been processed by the bank. Required: Using the information provided above, prepare a bank reconciliation. (Round your answers to 2 decimal places.) Bank Reconciliation Updates to Bank Statement Ending Cash Balance per Bank Statement Additions: Deductions: Updates to Ending Cash Balance per Boo Additions: $ 0.00 $ 0.00 Deductions: $ 0.00 Up-to-date ending cash balance Up-to-date ending cash balanc
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:You are the accountant for Georgia Company, and you have recently received the bank
statement for your company's account and need to reconcile it with your general ledger cash
account. Georgia's records show an ending balance for the month of $12,802.40 while the
bank's records show an ending balance of $12,573.76. The bank charged $7.50 in service fees
and paid $26.15 in interest.
All but three checks written during the month were processed by the bank without incident
during the month. The three exceptions were:
• Check # 841 was correctly processed by the bank as $841.27 but was mistakenly
recorded by you as $741.27.
Check #853 for $70.57 had not yet been processed by the bank.
• Check #855 for $723.46 had not yet been processed by the bank.
All but two of the deposits made during the month were processed by the bank without
incident. The two exceptions were:
• A customer check for $321.95, which had been deposited during the month, was
returned NSF.
•
A deposit totaling $619.37 had not yet been processed by the bank.
Required:
Using the information provided above, prepare a bank reconciliation. (Round your answers to
2 decimal places.)
Bank Reconciliation
Updates to Bank Statement
Ending Cash Balance per Bank Statement
Additions:
Deductions:
Updates to
Ending Cash Balance per Boo
Additions:
$
0.00
$
0.00
Deductions:
$
0.00
Up-to-date ending cash balance
Up-to-date ending cash balanc
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