Stewart Recording Studio, owned by Ron Stewart, showed the following bank reconc

Question

Stewart Recording Studio, owned by Ron Stewart, showed the following bank reconciliation at March 31 Stewart Recording Studio Bank Reconciliation March 31, 2017 Bank statement balance Add 22,000 Book balance S30,805 Deposit of March 31 in transit 9,952 531,952 Deduct Outstanding cheques: #14 #22 5828 319 1,147 $20.805 Adjusted bank balance Adjusted book balance $30,805 Cash Acct. No. 101 Balance Date Explanation PFR Debit Credit 2017 March 31 April 30 0,805 102,242 11.391 Balance CR17 CD13 71,437 30 90,851

Explanation / Answer

Bank Reconciliation 30-Apr-17 Bank Statement Company's Books Bank statement balance $109,154 Book Balance $11,391 Add: Add: Deposit in transit $44,627 Capital invested $119,000 $119,000 NSF $14,150 $58,777 $167,931 Deduct: Deduct: Outstanding Cheques: Notes payable payment $15,830 #25 $938 Service charges $177 #27 $4,217 Interest charges $440 #30 $40,810 Cheque recorded incorrectly $4,500 #32 $11,375 #14 $828 #22 $319 $58,487 $20,947 Adjusted BanK Balance $109,444 Adjusted Book balance $109,444 Journal entry for reinstate customer account Cash $4,500 Accounts receivable $4,500 Journal entry to record april bank service charges Service Charge expenses $177 Cash $177 Journal entry to record April Interest expenses Interest expenses $440 Cash $440 Journal entry to record April payment on note Notes payable $15,830 Cash $15,830 Journal entry to record investment by owner Cash $119,000 Capital a/c-owner $119,000

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