Perform a bank reconciliation.a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019 b) Based on your analysis, propose adjusting entries (if any).Transactions and balances:• 31 Jul 2019 Bank Statement balance $ 58,791• 31 Jul 2019 balance per Jack’s records $ 57,371• Jack received a payment that he has not deposited $ 250• Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612• Bank charges for the month of July were $40• Interest on bank balance credited to Jack’s account $ 98
Perform a bank reconciliation.a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019 b) Based on your analysis, propose adjusting entries (if any).Transactions and balances:• 31 Jul 2019 Bank Statement balance $ 58,791• 31 Jul 2019 balance per Jack’s records $ 57,371• Jack received a payment that he has not deposited $ 250• Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612• Bank charges for the month of July were $40• Interest on bank balance credited to Jack’s account $ 98
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Perform a bank reconciliation.
a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019
b) Based on your analysis, propose
Transactions and balances:
• 31 Jul 2019 Bank Statement balance $ 58,791
• 31 Jul 2019 balance per Jack’s records $ 57,371
• Jack received a payment that he has not deposited $ 250
• Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612
• Bank charges for the month of July were $40
• Interest on bank balance credited to Jack’s account $ 98
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