Help Save & Exit Submit Check my On August 31, 2019, the balance in the checkboo
ID: 2581967 • Letter: H
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Help Save & Exit Submit Check my On August 31, 2019, the balance in the checkbook and the Cesh account of the Dry Creek Bed and Breakfast was $12.308. The balance shown on the bank statement on the same date was $13.212 Notes a. The firm's records indicate that a $1480 deposit dated August 30 and a $704 deposit dated August 31 do not appear on the bank statement b. A service charge of $8 and a debit memorandum of $335 covering an NSF check have not yet been entered in the firm's records The check was issued by Art Corts, a credit customer) c. The following checks were issued but have not yet been paid by the bank: Check 712, $113 Check 713, $128 Check 716 $241 Check 736, $580 Check 739 $ 81 Check 741, 123 shows that the bank collected a $2.099 note receivable and interest of $66 for the fiem. These amounts the d. A credit memorandum have not yet been entered in the firm's records Required 1 Prepare a bank reconciliation statement for the frm as of August 3t 2. Record general journal entries for items on the bank reconciliation statement that must be What effect did the journal entries recorded as a result of the bank reconcliation have on the fundamental accounting equation? Complete this question by entering your answers in the tabs below. General Bank Recureal Analyze Prepare a bank reconciliation statement for the firm as of August 31Explanation / Answer
Bank reconciliation statement Adjusted cash account Description Amount Description Amount Balance as per Bank 13,212 Balance as per Cash account 12,308 Adjustements- Bank fee and charges 8 Bank charges (8) Direct deposit in bank (2,099) Direct deposit in bank 2,099 Interest credit in bank but not in cash ledger (66) Interest credit in bank but not in cash ledger 66 Debit memorandum of NSF Cheque 335 Debit memorandum cheque (335) Deposit not yet reflected in cash ledger 30-Aug 1,480 Adjusted cash balance 14,130 31-Aug 704 Cheque not yet presented Cheque-712 (113) Cheque-715 (128) Cheque-716 (241) Cheque-736 (580) Cheque-739 (81) Cheque-741 (123) total of above 12,308 Balance as per Cash account 12,308 Variance - Journal entries Bank charges Dr 8 To Bank 8 (Being bank charges recorded) Bank Dr 66 To Interest 66 (Being bank Interest recorded) Bank Dr 2,099 To Account receivable 2,099 (Being Direct depoist received) Payable Dr 335 To Bank 335 (Being NSF cheque accounted)
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