Reference no: EM133151966
Question - You have been asked to help out a small Landscaping company by preparing their month-end bank reconciliation for February, 2022. You have gathered the following information:
Balance per the bank statement, February 28, 2022 $5,033
Unadjusted balance per books (GIL), February 28, 2022 $1,950
A deposit made on February 28th not yet recorded by the bank $6,375
Outstanding cheques (total) as of February 28, 2022 $4,928
You found the following items on the bank statement that were either not included in the books (GIL) or were entered incorrectly:
Bank Service Charges $35
NSF cheque from R. Bounce was returned by the bank $685 (this was for an outstanding account receivable)
Note and interest collected by the bank on behalf of the company $5,250 ($5,000 is for the note and $250 is interest that was collected)
Required -
a. Prepare the adjusting entries required for the cash account. Calculate the adjusted balance per books.
b. Prepare a bank reconciliation as at February 28.
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