The following information for the month of June is available from C Chef\'s Cook

Question

The following information for the month of June is available from C Chef's Cookies, Inc's accounting records: a. Balance per bank statement, June 30, 20Xx b. Cash balance per books, June 30, 20XX $14,500 c. Deposit made on May 30TH, recorded by the bank on June 3 16,000 2,400 d. June 30, 20XX, outstanding checks RD Check #174 647 516 382 40 420 Check #179 Check # 1 8 1 XsTa service charge for June (not recorded yet by Chef's Cookies, Inc.) A check drawn on Cartman Company was erroneously charged to Chef e. f. NS check of customer returned by the bank with the June bank statement g. 255 h. A $738 check from a custo $378. The error was discovered when Chef opened the bank statement. mer was erroneously recorded on Chef's books as 2,690 1. Deposit made on June 30TH, recorded by the bank on July 2ND Required: 1. Prepare a June 30, 20xx, bank reconciliation for Chef in good form 2. Prepare any related adjusting entries that are necessary on June 3 0, 20XX in good form

Explanation / Answer

Bank reconciliation Bank balance 14500 Add Deposit in transit 2690 17190 Less Outstanding checks 1545 Adjusted bank balance 15645 Outstanding checks Chq no. 174 647 Chq no. 179 516 Chq no. 181 382 1545 Cash balance 16000 Add Error in recording check (738-378) 360 Less Error in check 255 Cheque book 40 NSF check 420 715 Adjusted cash balance 15645 Journal entries Service charges 40 Accounts payable 420               Cash 460

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