EXERCISE 6 Dine-Corp International publishes ratings and reviews of the world\'s

Question

EXERCISE 6 Dine-Corp International publishes ratings and reviews of the world's finest restaurants. Following are facts you need to prepare Dine-Corp's March bank reconciliation: Balance per company records at end of month $ 72,644.12 Bank service charge for the month 44.00 NSF check returned with bank statement 1,440.66 Note collected by the bank during the month 45,000.00 Outstanding checks at month end 31,553.57 Interest on note collected during the month 4,500.00 Balance per bank at end of month 144,223.99 Deposit in transit at month end 7,989.04.Required prepared a bank reconciliation along with adjusting entries: GENERAL JOURNAL PAGE 1 DATE DESCRIPTION PR. DEBIT CREDIT

Explanation / Answer

Balance as per bank Statement Adjustment: 144223.99 Add: Deposits in transit 7989.04 Less: Outstanding Checks -31553.57 Adjusted Balance as per bank statement 120659.46 Balance as per Books 72644.12 Adjustment: Add: Note collected by bank 45000.00 Add: Interest collected 4500.00 Less: Bank service charges not recorded -44.00 Less: NSF check -1440.66 Adjusted balance as per books 120659.46 JOURNAL ENTRIES: Cash Account Dr. 49500      Notes receivable 45000.00       Interest Revenue Account 4500.00 Accounts Recievable Dr. 1440.66 bank Service expense Account Dr. 44       Cash Account 1484.66

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