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Give a bank conciliation as of May

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Question - On May 31 202X the cash account of Perkins supply company had a balance of $43820. On the date the bank statement indicated a balance of $54600.

The bank reported the collection of a note recievable for Perkins of $6300 plus $300 of interest. The $1700 cheque of a customer,Raymond Frank, was returned by the bank because of insufficient funds. The bank charged Perkins $60 for services. The bank erroneously failed to credit $4200 deposit to Perkins account.

It was observed that the bank statement did not include a deposit of $4700 made by Perkins on May 31 and that cheques totaling $13400 issued by Perkins had not cleared the bank. Perkins recorded an insurance expense payment of $160 as $1600.

a) Give a bank conciliation (in good form) as of May 31.

b) Give, in general Journal form, the entries necessary to adjust Perkins' records based on the bank reconciliation.

Reference no: EM132599792

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