Prepare a bank reconciliation statement

Assignment Help Financial Accounting

Reference no: EM132780679

Question -

1. The Bank account in the General Ledger shows a balance of $5,232.65 on November 30, 20-.

2. The statement from the bank on November 30 shows a balance of $4,907.20.

3. Cheques received from customers on November 30 were recorded in the November journal, but the bookkeeper did not make it to the bank on that day. The total of these cheques is $535.75.

4. Cheque #155 issued for $34.75 was recorded incorrectly in the Cash Payments Journal as $43.75. This cheque was issued to pay the freight on incoming merchandise.

5. A cross-check of the Cash Payments Journal entries and the returned cancelled cheques reveals that these cheques in November are still outstanding: #140 for $182.50; #161 for $47.80; #170 for $200.25, and #172 for $95.25. Also, Cheque #178 for $580, which was certified two weeks ago, has not yet been cashed by the bank.

6. Among the cancelled cheques returned by the bank is Cheque #501 for $210 issued by N & D Appliance Repair Co. but charged in error to the account of D & N Appliance Co.

7. A debit memo for $25 included with the November bank statement represents a charge for the annual safety deposit box rental.

8. The bank statement shows a regular bank service charge of $19.50.

9. A $70 cheque received from a customer, Jack Miller, was returned by the bank marked NSF and charged back to D & N Appliance Co.'s account on November 29.

Required - From the above information, prepare a bank reconciliation statement showing the adjusted balance. Also, prepare the necessary General Journal entries to record those items from the reconciliation that have not yet been recorded on the books.

Reference no: EM132780679

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