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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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
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