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The accountant at Malanda Ltd prepares a monthly bank reconciliation. On 31 July she received a bank statement from CBA Bank which had a credit balance of $9,210. The company's cash at bank account per the general ledger showed a debit balance of $10,760.
A comparison of the bank statement with the cash payments and cash receipts journal revealed the following information:
i. Unpresented cheques at 31 July included cheque no. 678 for $610 and cheque no. 679 for $840 ii. Total cash receipts received by Malanda on 31 July of $4,900 were recorded in the cash receipts journal on the day but were not yet deposited at the bank. iii. A cash receipt received from a customer was recorded in the cash receipts journal as $3,260 but appeared on the bank statement as $3,620. Malanda's accountant had recorded the amount correctly, so the error related to the bank. iv. In reviewing the cheque payments, a mistake was discovered on cheque no. 674 for the payment of inventory. The amount of the cheque was for $5,310 but was recorded in the cash payments journal as $3,510. The cheque amount appeared correctly on the bank statement. v. The bank statement included bank charges of $280 vi. On 4 July the bank statement showed a credit of $3,620 which was for a note collected by the bank on behalf of Malanda Ltd. The note did not include any interest.
Required:
Problem a) Prepare a bank reconciliation as at 31st July 2021
Problem b) Prepare the necessary adjusting journal entries as at 31st July 2021
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