Prepare the adjusting reconciling entries

Assignment Help Accounting Basics

Reference no: EM132842497

Problem 1 - Entity A is preparing its November 30, 2019 bank reconciliation statement. The following information was determined:

Cash balance per accounting books, Nov. 30, 2019 600,000

Cash balance per bank statement, Nov. 30, 2019 860,000

Credit memo 380,000

Debit memo 60,000

Deposits in transit 100,000

Outstanding checks 40,000

Requirement - Prepare the bank reconciliation.

Problem 2 - Entity A is preparing its February 28, 2019bank reconciliation statement. The following information was determined:

Cash balance per accounting books, Feb. 28, 2019 260,000

Cash balance per bank statement, Feb. 28, 2019 205,000

When investigating the difference, the accountant determined the following:

a. 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.

b. A 102,500 check deposited by Entity A during the month is not yet credited to Entity A's account.

c. A check drawn in the amount of 22,500 is not yet presented to the bank for payment.

d. 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 -

a. Prepare the bank reconciliation.

b. Prepare the adjusting (reconciling) entries.

Reference no: EM132842497

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