FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following.
- O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems.
- On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25.
- On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank.
- On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March.
- O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank.
- O. Myer verifies that all deposits made in March do appear on the March bank statement.
- The general ledger Cash account, No. 101, shows an ending cash balance per books of $68,057 as of March 31 (prior to any reconciliation).
Prepare a bank reconciliation for Jam Enterprises for the month ended March 31, 2018 and prepare the necessary
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3/31 |
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