Question:

HELP---Prepare a correct bank reconciliation....?

by Guest33363  |  earlier

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Mike Piller is unable to reconcile the bank balance at January 31. Mike's reconciliation is as follows.

Cash balance per bank $3,575.58

Add: NSF check 691.47

Less: Bank service charge 20.28

Adjusted balance per bank $4,246.77

Cash balance per books $3,873.03

Less: Deposits in transit 534.39

Add: Outstanding checks 948.69

Adjusted balance per books $4,287.33

1. Prepare a correct bank reconciliation. (Round answers to 2 decimal places, i.e. $25.00 List multiple entries in order of magnitude.)

2. Journalize the entries required by the reconciliation. (Round answers to 2 decimal places, i.e. $25.00)

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2 ANSWERS


  1. Mike Piller probably spent the missing $300 cash on hookers and booze.  He's a bit of a party animal is old Mike.

    Seriously, if you're trying to get people to do your homework for you, at least spend 10 seconds retyping it so it isn't as obvious that's what you're doing!


  2. Cash balance per bank $3,575.58

    Less: Outstanding checks 948.69

    Add: Deposits in transit 534.39

    Adjusted balance per bank $3,161.28

    Cash balance per books $3,873.03

    Less: NSF check 691.47

    Less: Bank service charge 20.28

    Adjusted balance per books $3,161.28

    Dr Accounts receivable $691.47

    Cr Cash $691.47

    (being cheque from Mr A? dishonoured)

    Dr Bank charges $20.28

    Cr Cash $20.28

    (being bank service charge omitted)

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