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Prepare the bank reconciliation as at March

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Question - The balance on Grey Major Inc.'s cash account in the general ledger at March 31, 20X2, was $2,756 credit. The balance on the bank statement for that date was $4,818 debit. On investigating the difference, you discover the following:

1. A receipt for $7,512 has been incorrectly recorded as a payment to accounts payable in the general ledger.

2. Preauthorized payments for property taxes on the last day of every month for $725 have been omitted from the general ledger since June 30, 20X1 (that is, the June payment was correctly entered in the general ledger).

3. Bank interest of $752 appears in the ledger, but only $572 has been debited on the bank statement. The error is in the general ledger.

4. A cheque received from Borgias Ltd. for services provided by Grey Major has been returned as non-sufficient funds (NSF). The cheque was for $8,321.

5. There are four cheques that have not yet cleared the bank: April 21, 20X1 $3,751 July 14, 20X1 $211 September 17, 20X1 $300 February 19, 20X2 $3,244

6. The amount of uncleared deposits at year end was $7,612. 7. The bank has incorrectly debited Grey Major's account with $2,314. It has admitted its mistake and agreed to correct the error.

Required - Prepare the bank reconciliation as at March 31, 20X2.

Reference no: EM132598700

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