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Required: Prepare a bank reconciliation for Gates Company

Required: Prepare a bank reconciliation for Gates Company

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Cash account balanee of Gates Corp was 25,310 at April 30, 2020. Its bank statement showed a balance of 15,000. Other information: a. The bank collected a note receivable for 3,000. It charged Gates Corp a 300 service charge that is not ineluded in the company records. b. There were 6,220 outstanding checks in April 30. c. A deposit of 10,000 made on April 29 was not yet recorded by the bank on the April statement. d. A cancelled check for 2,500 belonging to Rameon Ltd but charged by the bank to Gates Corp was ineluded with the cancelled checks returned by the bank. e. Check #123 for snacks, correctly made out for 1,250 was recorded in the company as 1,520 f. A customer's 7,000 check deposited on April 15 was returned NSF with the bank statement. Required: Prepare a bank reconciliation for Gates Company
Transcribed Image Text:The Cash account balanee of Gates Corp was 25,310 at April 30, 2020. Its bank statement showed a balance of 15,000. Other information: a. The bank collected a note receivable for 3,000. It charged Gates Corp a 300 service charge that is not ineluded in the company records. b. There were 6,220 outstanding checks in April 30. c. A deposit of 10,000 made on April 29 was not yet recorded by the bank on the April statement. d. A cancelled check for 2,500 belonging to Rameon Ltd but charged by the bank to Gates Corp was ineluded with the cancelled checks returned by the bank. e. Check #123 for snacks, correctly made out for 1,250 was recorded in the company as 1,520 f. A customer's 7,000 check deposited on April 15 was returned NSF with the bank statement. Required: Prepare a bank reconciliation for Gates Company
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