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Prepare the adjusting or reconciling entries

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Reference no: EM132624081

Entity A is preparing its February 28, 20x1 bank reconciliation statement. The following information was determined:

Cash balance per accounting books, Feb. 28, 20x1 ?260,000
Cash balance per bank statement, Feb. 28, 20x1 ?205,000

When investigating the difference, the accountant determined the following:

  1. A customer deposited ?30,000 to Entity A's bank account as payment for an account receivable. This is not yet recorded in the books of accounts.
  2. A ?102,500 check deposited by Entity A during the month is not yet credited to Entity A's account.
  3. A check drawn in the amount of ?22,500 is not yet presented to the bank for payment.
  4. The bank returned a check deposit amounting to ?5,000 because of insufficiency in the funds of the drawer. The check was received from a customer as payment for accounts receivable.

Requirements:

Question 1: Prepare the bank reconciliation.

Question 2: Prepare the adjusting (reconciling) entries.

Reference no: EM132624081

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