Farah operates service apartment. She just received the 31 May 2020 bank statement from National Bank and the statement shows an ending balance of RM1,000. Listed on the statement are and EFT rental collection of RM500, a service charge of RM20, NSF cheques totaling RM150 and a RM10 charged for printed cheques. In reviewing her cash records, Farah identifies RM420 cheques still outstanding and a deposit in transit of RM1,550. The company's Cash account shows balance of RM1,810 on 31 May 2020. Instructions (a) Prepare the bank reconciliation at 31 May 2020. (b) Journalize the entries required by the reconciliation.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 2
Farah operates service apartment. She just received the 31 May 2020 bank statement from
National Bank and the statement shows an ending balance of RM1,000. Listed on the
statement are and EFT rental collection of RM500, a service charge of RM20, NSF cheques
totaling RM150 and a RM10 charged for printed cheques. In reviewing her cash records,
Farah identifies RM420 cheques still outstanding and a deposit in transit of RM1,550. The
company's Cash account shows balance of RM1,810 on 31 May 2020.
Instructions
(a) Prepare the bank reconciliation at 31 May 2020.
(b) Journalize the entries required by the reconciliation.
Transcribed Image Text:Question 2 Farah operates service apartment. She just received the 31 May 2020 bank statement from National Bank and the statement shows an ending balance of RM1,000. Listed on the statement are and EFT rental collection of RM500, a service charge of RM20, NSF cheques totaling RM150 and a RM10 charged for printed cheques. In reviewing her cash records, Farah identifies RM420 cheques still outstanding and a deposit in transit of RM1,550. The company's Cash account shows balance of RM1,810 on 31 May 2020. Instructions (a) Prepare the bank reconciliation at 31 May 2020. (b) Journalize the entries required by the reconciliation.
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