The following information is available for Pyle Garage for March 2018: BANK STAT

Question

The following information is available for Pyle Garage for March 2018: BANK STATEMENT HAZARD STATE BANK 215 MAIN STREET HAZARD, GA 30321 Pyle Garage 629 Main Street HAZARD, GA 30321 Account number 62-00062 March 31, 2018 Beginning balance 3/1/2018 Total deposits and other credits Total checks and other debits Ending balance 3/31/2018 $9,060 30,031 24,925 14,166 Checks and Debits Check No. Deposits and Credits Amount Amount $3,787 1,673 8,031 2,931 1,438 6,215 50 800 Date 1462 1463 1464 1465 1466 1467 DM 1468 March 1$1,130 6,535 4,964 6,202 5,998 2,117 3,085 March 2 March 6 March 12 March 17 March 22 CM

Explanation / Answer

Bank Reconciliation Report is as prepared below:

Effect of adjustments on the cash account will be:

PYLE GARAGE Bank Reconciliation March 31, 2018 Particulars Amount ($) Amount ($) Unadjusted bank Balance, march 31, 2018 14,166.00 Add: Deposit in transit 3,580 Less: outstanding checks 1469 1,533 1470 775 True cash balance, March 31, 2018 15,438.0 Unadjusted book Balance, march 31, 2018 13,083.00 Add: Collection of account Receivable 3,085 Less: Check number 1468 deducted with wrong amount (800-120) 680 Bank Service charges 50 True cash balance, March 31, 2018 15,438.0

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