2. Nicole has asked you to prepare a bank reconciliation for NGS. According to h
ID: 2549583 • Letter: 2
Question
2. Nicole has asked you to prepare a bank reconciliation for NGS. According to her records, NGS's cash balance is S6,600 at December 31, but the bank reports a balance of $6,100 a. The bank deducted $330 for an NSF check from a customer deposited on December 22 b. NGS has written checks totaling $4,100 that have not yet cleared the bank. c. The bank added $40 cash to the account for interest earned in December. d. NGS made a $4,090 deposit on December 31, which will be recorded by the bank in January. e. The bank deducted $40 for service charges f. NGS wrote a check to a supplier on account for $200 but mistakenly recorded it as S20. NICOLE'S GETAWAY SPA Bank Reconciliation At December 31 Bank Statement Company's Books Ending Balance per Cash Account Addition:s Ending Balance per Bank Statement Additions Deductions Deductions Up-to-Date Cash Balance Up-to-Date Cash BalanceExplanation / Answer
Answer 2. NICOLE'S GATAWAY SPA Bank Recocilation AT Dec 31 Bank's Cash Balance Company's Cash Balance Per Bank Statement 6,100.00 Per General Ledger 6,600.00 Add: Add: Deposit of Dec 31, not recorded by bank 4,090.00 Bank Interest 40.00 10,190.00 6,640.00 Less: Less: Outstanding Checks (4,100.00) Bank Service Charges (40.00) NSF Check (330.00) Error in recording check to Supplier ($200 - $20) (180.00) (550.00) Bank Balance after Reconcilation 6,090.00 Company Balance per Reconcilation 6,090.00 Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. No Entry b. Cash 99.00 Accounts Receivable 99.00 c. Inventory - Massage Chairs 795.00 Supplies - Oil 270.00 Accounts Payable 1,065.00 d. Accounts Payable 1,065.00 Cash 1,065.00
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