You have been appointed as Davis college accountant and, the May 31 bank statement of Davis college has just arrived from bank of America. To prepare the bank reconciliation, you gather the following data: A. The May 31 bank balance is $ 19,209,820 B. The bank statement includes two returned checks received from students as payment of tuition fees. One is a $67,500 NSF ( non sufficient fund) check received from Mr johnson and deposited on May 19. The other is $ 195,030 check received from Mr Jonathan and deposited on May 21 that was returned due to "unathorized signature". C. Davis college collects some operating funds from East¢ral-africa division (ECD) by EFT(electronic fund transfer). The May bank statement lists a $ 333,190 deposit for a collection from ECD that Davis college did not know until the bank statement of the month was received. D. The bank statement includes one special deposit of $ 916,000 interest revenue that Davis college earned on its bank balance during May. E. The bank statement lists a $ 6,250 bank service charge. F. A May 31 one of Davis college partners deposit of $ 381,140 does not appear on the bank statement. G. The bank statement includes a $410,000 credited amount from a partner who paid for contribution to Williams college development activities. H. Davis college's accounting records shows a bank balance $18,200,550 on May 31. Required: a. Carry out the bank reconciliation for Davis college b. Record necessary journal entries in the books of Davis college
You have been appointed as Davis college accountant and, the May 31 bank statement of Davis college has just arrived from bank of America. To prepare the bank reconciliation, you gather the following data:
A. The May 31 bank balance is $ 19,209,820
B. The bank statement includes two returned checks received from students as payment of tuition fees. One is a $67,500 NSF ( non sufficient fund) check received from Mr johnson and deposited on May 19. The other is $ 195,030 check received from Mr Jonathan and deposited on May 21 that was returned due to "unathorized signature".
C. Davis college collects some operating funds from East¢ral-africa division (ECD) by EFT(electronic fund transfer). The May bank statement lists a $ 333,190 deposit for a collection from ECD that Davis college did not know until the bank statement of the month was received.
D. The bank statement includes one special deposit of $ 916,000 interest revenue that Davis college earned on its bank balance during May.
E. The bank statement lists a $ 6,250 bank service charge.
F. A May 31 one of Davis college partners deposit of $ 381,140 does not appear on the bank statement.
G. The bank statement includes a $410,000 credited amount from a partner who paid for contribution to Williams college development activities.
H. Davis college's accounting records shows a bank balance $18,200,550 on May 31.
Required:
a. Carry out the bank reconciliation for Davis college
b. Record necessary
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