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Prepare the bank reconciliation statement as at september

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Reference no: EM132538461

Question - Box Expert Company Limited ("Company") is engaged in selling plastic display boxes to customers. Horus is the Company's accountant and he received the Company's bank statement dated 30 September 2019 with the balance of $8,800. He then checked the cash balance per Company's cash book and noted that the balance as at 30 September 2019 was $4,800. In addition, Horus noted the following information:

(i) The amount of non-sufficient fund ("NSF") cheque returned by the bank was $1,000.

(ii) Service fees charged by the bank for cheques printing totalled $200.

(iii) The amount of deposit in transit was $3,000.

(iv) Salary expense of $9,300 was incorrectly recorded in the book as $3,900.

(v) The amount of outstanding cheques was $7,600.

(vi) The Company rents an office premise to Star Company Limited ("SCL"). SCL deposits the monthly rent of $6,000 to the Company's bank account on the 15th of each month.

Required - For Box Expert Company Limited,

(a) Prepare the bank reconciliation statement as at 30 September 2019.

(b) Prepare journal entries to update the cash book balance as at 30 September 2019. (Note: Narrations are not required.)

Reference no: EM132538461

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