Reference no: EM13752017
BANK RECONCILITION
Given the following information for Pace Company, derived from the bank reconciliation information for the month of June:
Cash Balance per bank statement at June 30 $7,200
Cash Balance per the books at June 30 $6,900 (before reconciliation)
Outstanding checks $5,000
Bank service charges $150
Deposits in transit $3,550
NSF customer check, returned with the bank statement $600
Also found through the reconciliation was an error by the bookkeeper of Pace. The company wrote a check for $500, for payment on an account payable (and the check correctly cleared as $500), but she erroneously posted the check in the general ledger as $100.
A. Prepare the schedule to reconcile the bank and book balances to the correct balance.
B. Prepare a correcting journal entry to correct the cash balance and related accounts at June 30.
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