Reference no: EM132636599

Question - You have just received the 30 June 2020 bank statement of Zoom Electronics from Costco Bank. To assist you in your bank reconciliation, you have gathered the following information:

i. Zoom Electronics' cash account shows a balance of $2,900 on 30 June.

ii. The bank statement includes two dishonoured cheques from customers of $400 (cheque number 190) and $110 (cheque number 192).

iii. The following Zoom Electronics cheques are outstanding at 30 June:

Cheque number - Amount

137 - $50

188 - $170

191 - $520

194 - $580

195 - $50

196 - $140

iv. Zoom Electronics collects from some customers through EFT. The June bank statement lists a $1,300 EFT deposit for a collection on account.

v. The bank statement includes two deposits that Zoom Electronics has not recorded yet: $970 for dividend revenue and $80 interest revenue earned.

vi. The bank statement included a $30 bank service charge.

vii. On 30 June, Zoom Electronics deposited $350 but this deposit is not reflected on the bank statement.

viii. The bank statement included a $1,000 deduction for a cheque drawn by Webex Ltd. Zoom Electronics has notified the bank of this error.

ix. The 30 June 2020 bank balance is $4,870.

Requirements -

a. Prepare the bank reconciliation for Zoom Electronics at 30 June 2020.

b. Record the necessary journal entries (including narrations) from the bank reconciliation.