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Prepare any required journal entries for Gamecock Company

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Reference no: EM132614005

Question - Gamecock Company's cash account has a year-end balance of $30,530. The balance per the bank statement is $29,480.

Outstanding checks as of year-end totaled $2,050.

Deposits in transit totaled $5,340 at year-end.

An NSF check of $500 is included in the year-end cash balance on the books.

The bank has deducted this amount on the bank statement. The bank incorrectly recorded a deposit as $270 that was correctly recorded by the Gamecock Company as $720.

The Gamecock Company incorrectly recorded a check disbursement on their books for $350 that correctly cleared the bank for $325. The amount was originally posted to Adverting Expense.

The bank statement also shows a service charge of $35 on the account.

The bank collected on note on behalf of the Gamecock Company that included $3,000 in principal and $200 in interest. This is included on the bank statement but is not yet on the books of the Gamecock Company.

Required -

1 - Prepare the bank reconciliation.

2 - Prepare any required journal entries for the Gamecock Company.

Reference no: EM132614005

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