to) The following information is available for the Victor Company for its March
ID: 2588244 • Letter: T
Question
to) The following information is available for the Victor Company for its March 3,2017 bank reconctin From the March 31 bank statement: Previou Total Checks an Debit $7.80 Total Deposits an Credit Curren Balanc $14.00 $9.90 $11,90 Checks and Debits Amoun 1.21 3.85 170 72 1.350 Deposits and Credits Daily Balance Date No. 03/03 2874 03/11 2906 03/15 2905 03/25 2909 03/29 2908 03/30 Date 03/02 03/27 03/31 Date Amount 4.340 03/01 9.90 Amoun 14.24 1,03 9.18 9.01 8.29 15.56 14.21 13.71 14,00 03/02 295 IN 03/03 7.27 03/15 03/25 03/27 03/29 03/30 500NSF 03/3114. NSF: A check from a customer, Booker Co. in payment of their account IN: Interest earned on the account. From the Victor Company's accounting records Cash Receipts Deposited Cash Disbursements ate arch Cash Debit Check No. Cash Credit 4.340 7,270 090 2905 2906 2907 2908 2909 2910 27 31 3.850 460 1.35 72 6.89 Cash Acct. No. 101 PR Debit Credi ate Explanation Balanc ebruary 28 Balance 8.69 arch 31 Total receipts 13.700 22.3 31 Total disbursements6.895 REQUIRED 1. Based on the above information, prepare a bank reconciliation for the Victor Company. 2. Prepare the necessary general journal entries to adjust cash to the reconciled balance.Explanation / Answer
Solution:
1.
2.
Mar 31
Cash ........................ 295
Interest Revenue .................. 295
Accounts Receivable ............... 500
Cash ................................... 500
Victor Company Bank Reconciliation 31-Mar Bank Statement balance $14,008 Book Balance 15,503 Add: Add: Deposit in transit 2,090 Interest earned on account 295 $16,098 15,798 Deduct: Deduct: Outstanding checks NSF check 500 #2907 460 #2910 340 800 Adjusted bank balance $15,298 Adjusted book balance 15,298Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.