Reference no: EM132475358
Spottify Electronics had a computer failure on October 1, 2020, that resulted in the loss of data, including the balance of its Cash account and its bank reconciliation from September 30, 2020. The accountant, Crisanto Danila, has been able to obtain the following information from the records of the company and its bank:
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Cash Receipts
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Amounts
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$ 908.50
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1,748.00
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3,726.00
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1,975.00
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736.00
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$ 9,093.50
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Cash Payments
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Cheque No.
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Amount
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275
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$ 310.50
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276
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448.50
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277
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466.90
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278
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811.90
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279
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577.30
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280
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3,886.90
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281
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void
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282
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488.50
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283
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1,058.00
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$8,048.50
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a. An examination showed that two cheques (#244 for $305.00 and #266 for $632.50) had not been cashed as of October 1. Danila recalled that there was only one deposit in transit on the September 30 bank reconciliation but was unable to recall the amount.
b. The cash receipts and cash payments journals contained the following entries for October 2020:
a. The deposit made on October 14 was for the collection of a note receivable ($1,100.00) plus interest.
b. The electronic funds transfers (EFTs) had not yet been recorded by Spottify Electronics because the bank statement was the first notification of them.
- The October 17 EFT was for the monthly payment on an insurance policy for Spottify Electronics.
- The October 19 and 24 EFTs were collections on accounts receivable.
- The October 22 EFT was in error-the transfer should have been to the Spottify Horse Farm.
c. The NSF cheque on October 27 was received from a customer as payment for electronics purchased for $805.00.
d. Cheque #280 was correctly written for $3,976.90 for the purchase of inventory (assume a periodic system) but incorrectly recorded by the cash payments clerk.
Required
Question 1. Indicate bank reconciliation as of October 31, 2020, including the calculation of the book balance of October 31, 2020.Adjusted balance, $7,714.00.. PLEASE GIVE THE BANK AND BOOK ADJUSTMENT.
Question 2. Indicate all journal entries that would be required by the bank reconciliation. No explanations are needed.
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