The bank account as a control device helps to protect cash

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The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation for J & J Flooring, Inc. (Use the format shown on page 251 of your textbook.) (25 points)

· The bank statement indicated a service charge of $56.
· J & J made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.
· A credit memo in the bank statement indicated a bank collection of a note for $1,300 with interest received of $16. This item was dated May 18.
· Also included in the bank statement was a debit memo for a NSF check for $314 from Barney Smythe.
· Checks #1406 for $1,342, #1610 for $1,609, and #1825 for $857 were written by J & J and sent to the respective companies, but these checks do not appear on the bank statement.
· The balance on the bank statement as of May 31 was $13,019.
· The Cash account on Janus' books showed an amount of $9,716.

Reference no: EM13583258

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