Chapter 4, Problem 8P

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On August 31, 20X1, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,831. The balance shown on the bank statement on the same date was $13,677. Notes a. The firm's records indicate that a $1,700 deposit dated August 30 and a $701 deposit dated August 31 do not appear on the bank statement. b. A service charge of $35 and a debit memorandum of $250 covering an NSF check have not yet been entered in the firm's records. (The check was issued by Andrew Corollo, a credit customer) c. The following checks were issued but have not yet been paid by the bank Check 712, Check 713, Check 716, $125 $ 130 $ 245 Check 736, $ 577 Check 739, Check 741, $187 $ 118 d. A credit memorandum shows that the bank collected a $2,095 note receivable and interest of $55 for the firm. These amounts have not yet been entered in the firm's records. Required: 1. Prepare a bank reconciliation statement for the firm as of August 31. 2. Record general journal entries for items…

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