20 points The following information is available for the Edwards Company for its
ID: 2570648 • Letter: 2
Question
20 points The following information is available for the Edwards Company for its March 31 bank reconciliation: From the March 31 bank statement inevst Previous Balance Total Checks and Debits Total Deposits and Credits Current Balance $10.908 S7,805 $11,905 $15,008 Checks and Debits its and Credits Daily Balance DateNo 03/03 Date 03/02 03/27 Date 03/01 03/02 Amount 2874 2906 2905 2909 2908 4,340 7,270 3,850 170 725 350 15,248 14,038 10,188 10,018 295 IN 03/25 03/29 03/30 03/15 03/25 03/27 03/29 03/30 03/31 500 NSF 16,563 4,713 15,008 NSF: A check from a customer, Cook Co., in payment of their account. IN: Interest earned on the account. From the Edwards Company's accounting records Cash Receipts Deposited Cash Disbursements Date March 7 Cash Debit Check No Cash Credit 2905 2906 2907 2908 2909 2910 170 3,850 460 1,350 725 4,340 7,270 27 31 Cash PR Debit Credit Balance Date February 28 Balance March lanation R4 13,700 D5 9,698 23,398 6,895 16,503 31 Total receipts 31 Total disbursementsExplanation / Answer
Bank account as per books Deduct Add item Checks Deposits Balance Closing balance 16503 NSF check 500 16003 Interest 295 16298 Adjusted balance 16298 Bank balance as per statement 15008 Reconciliation items: Deposit in transit 2090 17098 Check in transit 2907 460 16638 Check in transit 2910 340 16298 Adjusted balance 16298 Date Account Debit Credit mar.31 NSF check charges/Bank charges 500 To Bank 500 [NSF check charges accounted] mar.31 Bank 295 To Interest 295 [Bank interest earned accounted]
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