Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you. Balance per books May 31 Add: Electronic Fund Transfer Deposit in transit. Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Brandon Company Bank Reconciliation. May 31, 2023 Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) Indicated bank balance Balance per bank statement. Discrepancy Required: 1. Prepare a proper bank reconciliation showing the true Cash balance. BRANDON COMPANY Bank Reconciliation $ 1,060 2,455 $ 10 500 1,800 36 $ 9,500 3,515 $13,015 2,346 $10,669 9,359 $ 1,310

Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you. Balance per books May 31 Add: Electronic Fund Transfer Deposit in transit. Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Brandon Company Bank Reconciliation. May 31, 2023 Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) Indicated bank balance Balance per bank statement. Discrepancy Required: 1. Prepare a proper bank reconciliation showing the true Cash balance. BRANDON COMPANY Bank Reconciliation $ 1,060 2,455 $ 10 500 1,800 36 $ 9,500 3,515 $13,015 2,346 $10,669 9,359 $ 1,310

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 11EA: Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance:...

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Your assistant prepared the following bank reconciliation statement. It appears that the statement Is unacceptable and the task of preparing a proper reconciliation falls upon you. Brandon Company Bank Reconciliation Мay 31, 2020 $ 9,500 Balance per books May 31 Add: Electronic Fund Transfer $1,060 Deposit in transit 2,455 3,515 $13,015 Deduct: Bank charges 10 NSF cheque, Rhonda Teal Outstanding cheques Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 500 1,8ee (Accounts Payable-Delta Co.) 36 2,346 Indicated bank balance $10,669 9,359 Balance per bank statement Discrepancy $ 1,310 Required: 1. Prepare a proper bank reconcillation showlng the true Cash balance. BRANDON COMPANY Bank Reconciliation May 31, 2020 Company's Books Bank Statement Balance per books Balance per bank
Part ii. Prepare the journal entries resulting from the bank reconciliation
All one question. Thank you for your help.
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6, 7, A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Note: Enter debits before credits. Date October 31 Bank Reconciliation October 31 Journal entry worksheet Cash $ 6,482 3 291 6,773 79 $ 6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Book balance Add: 4 Collection of a note Interest earned Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. Saved General Journal $ 400 64 Debit 63 61 $ 6,354 Credit 464 6,818 124 $6,694