Final Exam Review: Bank Rec and Multi Step IS. 1. The following information pert

Question

Final Exam Review: Bank Rec and Multi Step IS. 1. The following information pertains to the bank to the bank transactions of Rawlins Company: 100 uni U was $499. Cash as shown on the bank statement for the same date /1/1! a. Cash on the books as of April 30 was $499. Cas was $1,330. b. A deposit of $160, representing cash receipts as of April C. Outstanding checks totaled $240. d. Bank service charges for April amounted to $9 ne DanK collected for Rawlins Company S8aa tuuhich includes $40 interest) on a collection. f. An NSF check for $80 from a customer, Joe Beck, was returned with the sta receipts as of April 30, did not appear on the bank statement. ho CSS e. The hant ncludes $40 interest) on a note left for Required: 1. Prepare a bank reconciliation for Rawlins Company as of April 30. 2. What is the adjusted book balance for cash as of April 30? ck, was returned with the statement. Rawlins Company Bank Reconciliation April 30, 2014

Explanation / Answer

Answer 1 Rawlins Company Bank Reconciliation April 30,2014 Cash balance as per bank statement $1,330.00 Add : Cash deposit $160.00 Bank Service Charges $9.00 NSF check $80.00 $249.00 Less : Outstanding checks $240.00 Note Collections (with Interest of $40) $840.00 $1,080.00 Cash balance as per books $499.00 Answer 2 Adjusted book balance for cash as of April 30 Cash balance as per books $499.00 Add : Note Collections (with Interest of $40) $840.00 Less : Bank service Charges $9.00 Less : NSF Check $80.00 Adjusted Cash balance for Cash $1,250.00

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