PLEASE help. template is provided. Tia P6-18 LO 6.8 Bank Reconciliation (Appendi

Question

PLEASE help. template is provided. Tia

P6-18 LO 6.8 Bank Reconciliation (Appendix 6.1) Daisy Company received a bank statement for February, as follows From: Central Bank, Denver, CO 80222 To: Daisy Company, 1313 Williams St., Denver, CO 80218 Date Feb. 1 Checks Deposits Balance $4,524.80 7 $2,700.33 $8,642.61 3,484.81 6.00 SC 460.00 CM 16 21 23 28 274.09 4,133.60 3,385.49 69.69 NS $6,344.38 SC Service ChargeNSF Check Returned CM - Credit Memo DM Debit Memo The receipt of $460 on February 14 was for a $445 note collected by the bank, plus $20 current interest, minus a $5 service charge. The company's accounting records contained the following information: Cash balance on February 28 from the books: $2,610.42 Cash Cash Receipts $8,624.61 3,385.49 Feb. 7 Check No. 155 156 157 158 159 160 $2,700.33 3,484.81 274.09 589.02 4,133.60 2,742.63 21 All receipts are verified and correct Required: 1. Prepare a bank reconciliation on February 28, 2016, for Daisy 2. Prepare the journal entries that Daisy should record as a result of the reconciliation.

Explanation / Answer

2)

Balance as per Bank 6344.38 Balance as per book 2610.42 Deduct : Deduct outstanding checks [589.02+2742.63] (3331.65) Service charge (6) Error madeb by bank in recording in checks [8642.61-8624.61] (18) NSF (69.69) Add: Add: 2994.73 Note collected 460 Adjusted balance 2994.73 Adjusted balance 2994.73

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