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Prepare correct bank reconciliation

Assignment Help Financial Accounting
Reference no: EM132783195

Question - There are two parts of this question

Part one - Shoe City Pty Ltd's bank reconciliation clerk is unable to reconcile the bank balance at 31 January. The balance of the cash at bank account, before any entries for transactions initiated by the bank, was $4,963.00 in the company records. The clerk's attempt at the bank reconciliation statement is as follows:

Cash balance as per bank statement $4,429.00

Add: Dishonoured cheque 555.00

Less: Bank charges 27.00

Less: Outstanding deposits 760.00

Add: Unpresented cheques 808.00

Cash balance as per company records $5,005.00

Required: Prepare correct bank reconciliation.

Part Two - On 30 June Crawford Company estimated that 1.5% of its net sales of $400,000 will become uncollectable. The company recorded this amount as an addition to Allowance for doubtful debts. On 11 November Crawford Company determined that Kevin Hayes's account was uncollectable and wrote off $1,100. On 12 December Hayes paid the amount previously written off.

Required: Prepare the journal entries on 30 June, 11 November, and 12 December.

Reference no: EM132783195

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