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Make bank reconciliation for dunbar associate

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Reference no: EM132754225

Using the following information, prepare bank reconciliation for Dunbar Associates for August 31, 2017:

  • The bank statement balance is $4,690.
  • The cash account balance is $5,080.
  • Outstanding checks amounted to $715.
  • Deposits in transit are $1,020.
  • The bank service charge is $40.
  • A check for $72 for supplies was recorded as $27 in the ledger.

Journalize the entries to record the following:

Aug 1. Established a petty cash fund of $500
Aug 30. The amount of cash in the petty cash fund is now $190. The fund is replenished based on the following receipts: office supplies, $220; postage, $80. Record any discrepancy in the cash short and over account.

Required

Problem 1: Prepare bank reconciliation and journalize the entries.

Reference no: EM132754225

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