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The following information is available to assist you in preparing the bank reconciliation for Frank Industries for September 2009. All cash receipts are banked intact twice a week (Wednesday and Saturday) and all payments are made by check. The firm's ledger account for cash and the bank statement for September 2009 are available below. Listed on the August 2009 bank reconciliation were unpresented checks # 727 for $3,200, #735 for $2,200 and #736 for $800.
BANK STATEMENT
Date
Details
Checks
Deposits
Balance
Aug. 31
$33,200
Sept. 2
#739
300
6,200
39,100
Sept. 4
#735
2,200
36,900
Sept. 7
#742
600
5,400
41,700
Sept. 10
#727
3,200
#741
1,600
8,900
45,800
Sept. 11
#740
2,100
43,700
Sept. 14
NSF Check 9/7/09
650
5,200
Fee on NSF check
30
48,220
Sept. 16
#744
3,700
6,700
51,220
Sept. 18
#745
45,820
Sept. 21
#743
7,600
44,420
Sept. 23
3,800
Sept. 29
#748
4,300
4,200
48,120
Sept. 30
Interest
20
Bank service fees
60
48,080
Cash
Balance 9/1/09
27,000
9/2/2009
Check #739
9/4/2009
9/9/2009
9/16/2009
9/19/2009
9/18/2009
9/23/2009
#746
9/26/2009
9/28/2009
#747
700
9/30/2009
4,900
9/29/2009
Balance 2/28/09 48,000
1.Why is the opening balance in the cash ledger account ($27,000) different than the opening balance on the bank statement ($33,200)?
2.Prepare a list of the outstanding checks as at September 30, 2009.
3.Prepare the bank reconciliation for September 2009 in good form.
4.Prepare the necessary journal entries in the books of Frank Industries as at Septembet 30, 2009 as necessitated by the bank reconciliation.
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