Reference no: EM13984410
The bank portion of the bank reconciliation for the FIXAR Company at January 31, 2010 is as follows:
The adjusted cash balance per bank agreed with the cash balance per books at January 31st. The February bank statement showed the following checks and deposits.
The cash records per books for February show the following information
The bank statement contained two bank memorandum:
1. A credit of $1,895.00 for the collection of a $1,800 note for FIXAR Company plus interest of $115 and less a collection fee of $20. FIXAR Company accrued interest to the maturity of the note.
2. A debit for the printing of additional company checks, $75.00.At February 28 the cash balance per books was $11,118.80 and the cash balance per the bank statement was $17,381.45.The bank did not make any errors but two errors were made by FIXAR Company.
Instructions:
(a) Prepare the bank reconciliation at February 28, 2010
(b) Prepare the adjusting entries based on the reconciliation. The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.
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