The following information is available to assist you in

Assignment Help Financial Accounting

Reference no: EM13355617

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	5,400		45,820
Sept. 21	#743	7,600	6,200	44,420
Sept. 23			3,800	48,220
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	300
9/2/2009	6,200	9/4/2009	#740	2,100
9/9/2009	8,900	9/9/2009	#742	600
9/16/2009	6,700	9/16/2009	#744	3,700
9/19/2009	6,200	9/18/2009	#745	5,400
9/23/2009	3,800	9/23/2009	#746	4,200
9/26/2009	4,200	9/28/2009	#747	700
9/30/2009	4,900	9/29/2009	#748	4,300

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.

Reference no: EM13355617

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