Hi, whoever helps me with this please complete it all. Thank you ? O file:///C:/

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Hi,

whoever helps me with this please complete it all. Thank you

? O file:///C:/users/Chucho/Downloads/2018-04-15%2013.42.pdf Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,680. During May, the total cash deposited was $68,120 and checks written totaled $63,250. The bank statement indicated a balance of $23,090 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $10,290. b. A deposit of $8,380, representing receipts of May 31, had been made too late to appear on the bank statement. c. The bank had collected for Brentwood Bike Co. $4,430 on a note left for collection. The face of the note was $4,090. d. A check for $270 returned with the statement had been incorrectly charged by the bank as $720. e. A check for $410 returned with the statement had been recorded by Brentwood Bike Co. as $140. The check was for the payment of an obligation to Adkins Co. on account. f. Bank service charges for May amounted to s60 g. A check for $1,020 from Jennings Co. was returned by the bank because of insufficient funds. 1. Prepare a bank reconciliation as of May 31 Brentwood Bike Co. Bank Reconciliation May 31 Cash balance according to bank statement 8-3,3 22018-04-15 13-42.pdf ^ ?accounting 8-2.pdf ? ? Show all | × ^ accounting 8-2 (1).pdf ^ accounting 8.2.pdf ^ 5:24 PM O Type here to search /2018 9

Explanation / Answer

Solution 1:

Solution 2:

Solution 3:

Cash balance to be reported in balance sheet on May 31 = $21,630

Brentwood Bike Company Bank Reconciliation - May 31 Bank's Cash balance Company's cash balance Particulars Amount Particulars Amount Ending balance as per Bank Statements $23,090.00 Ending Balance as per cash books ($13,680 + $68,120 - $63,250) $18,550.00 Additions: Additions: Outstanding cash receipt $8,380.00 Note Collection $4,430.00 Incorrect recording of cheque ($720 - $270) $450.00 Deductions: Deductions: Outstanding Checks $10,290.00 NSF Cheque $1,020.00 Service Charge $60.00 Incorrect recording of check ($410 - $140) $270.00 Up to date cash balance as per bank $21,630.00 Up to date cash balance as per books $21,630.00

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