Reference no: EM132767047
You have just received the 31 December 2020 bank statement of Modern Solar from Southpac Bank. To assist you in your bank reconciliation, you have gathered the following information:
1) The ledger's cash account shows a balance of $11,600 on 31 December.
2) The bank statement includes two dishonoured cheques from customers, of $1,600 and $440.
3) The following Modern Solar cheques are outstanding (unpresented) at 31 December:
Cheque Number / Amount ($)
220. 200
242 680
243 2080
262 2320
281 200
282. 560
4) Modern Solar collects money from some customers through Electronic Funds Transfer (EFT). The December bank statement lists a $5,200 EFT deposit for a collection on an accounts receivable, on 31 December.
5) The bank statement includes two deposits that Modern Solar has not recorded yet: $3,880 for dividend revenue and $320 interest revenue earned on a term deposit.
6) The bank statement included a $120 bank service charge.
7) On 31 December, Modern Solar deposited $1,400 but this deposit is not reflected on the bank statement.
8) The bank statement included a $4,000 deduction for a cheque drawn by an unrelated company, Widget Limited. Modern Solar has now notified the bank of this error.
9) The 31 December 2020 bank balance, per the bank statement, is $19,480.
Problem 1: What the steps and process would be taken for a bank reconciliation for Modern Solar as at 31 December 2020?
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