Bank ReconciliationZing Corp. prepares monthly bank reconciliations as part of its cash controls. Zing's bank provided the following about Zing's cash balance at the bank for the month of April 2022:Balance, April 30, 2022$74,350Service charge for April75Note ($3,000) and interest ($90) collected for Zing from a customer3,090Interest earned during April140NSF cheque from Orange Corp. (deposited by Zing) for goods purchased on account470Zing then analyzed its cash balance on its own set of books, revealing the following details:Chequing account balance per Zing’s books$72,329Deposit in transit at April 302,100Outstanding cheques as of April 301,400Error in recording a cheque issued by Zing (Correct amount of the cheque is $737, but was recorded as a cash disbursement of $773. The cheque was issued to pay for merchandise originally purchased on account.)36Required:1. Prepare a bank reconciliation at April 30, 2022, in proper form. 2. Record any necessary journal entries. For those boxes in which no entry is required

Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Answered: Zing Corp. prepares monthly bank…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5PA

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Bank Reconciliation

Zing Corp. prepares monthly bank reconciliations as part of its cash controls. Zing's bank provided the following about Zing's cash balance at the bank for the month of April 2022:

Balance, April 30, 2022	$74,350
Service charge for April	75
Note ($3,000) and interest ($90) collected for Zing from a customer	3,090
Interest earned during April	140
NSF cheque from Orange Corp. (deposited by Zing) for goods purchased on account	470

Zing then analyzed its cash balance on its own set of books, revealing the following details:

Chequing account balance per Zing’s books	$72,329
Deposit in transit at April 30	2,100
Outstanding cheques as of April 30	1,400
Error in recording a cheque issued by Zing (Correct amount of the cheque is $737, but was recorded as a cash disbursement of $773. The cheque was issued to pay for merchandise originally purchased on account.)	36

Required:

1. Prepare a bank reconciliation at April 30, 2022, in proper form.

2. Record any necessary journal entries. For those boxes in which no entry is required

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