m.tp 014294509109515297 1513649172683 The tollowing information was avalable to
ID: 2600477 • Letter: M
Question
m.tp 014294509109515297 1513649172683 The tollowing information was avalable to reconcile Montrose Company's book batance of Cash with ts bank statement balance as of October 31,2017 a Ahr a posing completed on October 31,the company's Cash account had a$14,X6dbd balance, bud its bank statement showed a $31.903 balance was sehaned with the October canceled cheques but cheque 82% was Other Cheque 8307 not ht wars also found tat eheque R31550'$972 and chequ·#321 br S2178, both weten i: the canceled cheques retumed with the he canceled cheques neturned by the bank with the entres in the accounting records, d were not among was found that cheque 8320 for the October senit was corecly wnitten for $4,aro but was enoneously related to a customer payment for $22,100 A $130 bank service chage statement c. In comparing t enclosed with the bank satement indicated that there was an electronic fund transfer e A debt memo Ir S3521 hind a $3467 NSF cheque plas a $54 NSF chrge The chequ. hadbeen statement was a $81 debit memo for bank services it had not been reconded d. A credit memo was deduced This transaction a cunoer Jeen Tyler Montrose had not recrddthis bounced cheqoe bebre e t Aso enclosed with the 9 October 31 cash recepts, S6062.·ere piaced nte tark's rupt depostory aner bring hwn on hat dane and this amount did not appear on the bank statement 1. Prepare a bank reconcllation for the company as of October 31, 2017 balance of cashExplanation / Answer
1.
Note: Bank service charges have been shown separately for understanding purposes. The same may be combined together in the reconciliation statement.
2.
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MONTROSE COMPANY Bank Reconciliation October 31, 2017 Bank Statement Company's Books Bank statement balance 31903 Book balance of cash 14365 Add: Add: Deposits in transit 6062 EFT recorded by bank 22100 Error in recording check # 320 ($4700 - $4070) 630 22730 37965 37095 Deduct: Deduct: Outstanding checks NSF cheque 3467 Check # 296 1452 NSF charges 54 Check # 315 972 Bank service charge 130 Check # 321 2178 Bank service charge 81 4602 3732 Adjusted balance per bank 33363 Adjusted balance per books 33363Related Questions
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