Prepare bank reconciliation for the month of october

Reference no: EM132820258

Question

The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2011 bank statement included the following information:

Balance, October 1, 2011 $ 32,690
Deposits 86,000
Checks processed (75,200)
Service charges (350)
NSF checks (1,600)
Monthly loan payments deducted
directly by bank from account
(includes $400 in interest) (3,400)
Balance October 31, 2011 $38,140

The company's general ledger cash (checking) account had a balance of $42,544 at the end of October. Deposits outstanding totaled $4,224 and all checks written by the company were processed by the bank except for those totaling $5,620. In addition, a check for $500 for the purchase of office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October.

Prepare bank reconciliation for the month of October. Prepare the necessary journal entries at the end of October to adjust the general ledger cash account.

Reference no: EM132820258

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