The following data were accumulated for use in reconciling the bank account of Z

Question

The following data were accumulated for use in reconciling the bank account of Zek’s Co. for May 2016:

Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

Journal

Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL just need 4 total boxes filled and the dates please thank you

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2

3

4

1. Cash balance according to the company’s records at May 31, 2016, $24,556. 2. Cash balance according to the bank statement at May 31, 2016, $31,856. 3. Checks outstanding, $13,280. 4. Deposit in transit, not recorded by bank, $6,392. 5. A check for $48 in payment of an account was erroneously recorded in the check register as $480. 6. Bank debit memo for service charges, $20.

Explanation / Answer

Journal entries:

3. Bank Dr. $13280

To Accounts payable $13280

(Being Cheque issued but not presented for payment , so adjusted)

4. Accounts Recievable Dr. $6392

To Bank Account $6392

(Being cheque recieved from recievable but not credited in bank ,now adjusted)

5. Bank Dr. 432

To Accounts payable $432

(Being amount wrongly enteres as $480 insted of $48 , now adjusted)

6. Bank charges Dr.$20

To Bank $20

(Being bank charges recorded)

Note:-    Bank reconcialiation statement for 31 May,2016

Debit balance as pe cash book as on 31May,2016 $24556

add: cheque issued but not cleared $13280

cheque amount worngly entered for $480 instead of $48 $432

less: bank charges $20

cheques deposited but not credited $6392   

Credit balance of pass book as on 31 May,2016 $ 31856

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