Reference no: EM132562479
Question - The 31 August 2018 bank statement of Wizard Supacentre has just arrived from United Bank. To prepare Wizard's bank reconciliation, you gather the following data:
a) Wizard's Cash account has a balance of $2,900 on 31 August.
b) The bank statement includes two dishonoured cheques from customers: B. Smith, $400 and A. Green, $110.
c) The following cheques appear in the cash payments journal of Wizard but have not yet been cleared by the bank at 31 August:
Cheque no. - Amount
237 - $190
288 - 170
291 - 520
294 - 630
d) Wizard collects from a few customers by EFT. The August bank statement lists a $1,300 EFT deposit for a collection on account.
e) The bank statement includes two special deposits that Wizard hasn't recorded yet: $970 for dividend revenue, and $80 interest revenue which Wizard earned on its bank balance during August.
f) The bank statement lists a $30 bank service charge and a $15 excess transaction fee.
g) On 31 August, Wizard deposited $350 from a customer, this deposit hasn't yet appeared on the bank statement.
h) The bank statement includes a $1,000 deduction for a cheque drawn by Interstate Freight Company, a business unrelated to Wizard. Wizard notified the bank of this error.
i) The 31 August balance on the bank statement is $4,855 Cr.
Required -
1. Record any required adjustments from the bank reconciliation in the Cash at bank account. Total and balance the account.
2. Prepare the bank reconciliation statement for Wizard Supacentre at 31 August 2018.
3. A manager of a small online business believes that because most of the transactions take place using electronic transfers instead of cash or cheques, the business no longer needs to a bank reconcilication each month. Explain to the manager why a bank reconciliation is still necessary for the business.
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