Your assistant prepared the following bank reconciliation statement. It appears that the statement Is unacceptable and the task of preparing a proper reconciliation falls upon you. Brandon Company Bank Reconciliation May 31, 2020 Balance per books May 31 Add: $ 9,500 Electronic Fund Transfer Deposit in transit $1,060 2,455 3,515 $13,015 Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) Indicated bank balance 10 see 1, Bee 36 2,346 $10,669 9,359 $ 1,310 Balance per bank statement Discrepancy

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Your assistant prepared the following bank reconcillation statement. It appears that the statement Is unacceptable and the task of
preparing a proper reconcilation falls upon you.
Brandon Company
Bank Reconciliation
May 31, 2020
Balance per books May 31
$ 9,500
Add:
Electronic Fund Transfer
$ 1,060
Deposit in transit
2,455
3,515
$13,015
Deduct:
Bank charges
NSF cheque, Rhonda Teal
Outstanding cheques
Error in cheque #78: correctly issued and processed by the bank
for $762, but incorrectly recorded in the books as $726
(Accounts Payable-Delta Co.)
10
500
1, 8ee
36
2,346
$10,669
9,359
Indicated bank balance
Balance per bank statement
Discrepancy
$ 1,310
Transcribed Image Text:Your assistant prepared the following bank reconcillation statement. It appears that the statement Is unacceptable and the task of preparing a proper reconcilation falls upon you. Brandon Company Bank Reconciliation May 31, 2020 Balance per books May 31 $ 9,500 Add: Electronic Fund Transfer $ 1,060 Deposit in transit 2,455 3,515 $13,015 Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) 10 500 1, 8ee 36 2,346 $10,669 9,359 Indicated bank balance Balance per bank statement Discrepancy $ 1,310
2. Prepare the necessary Journal entries.
View transaction list
Journal entry worksheet
1
>
2
Record to collection of EFT.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
May 31
Transcribed Image Text:2. Prepare the necessary Journal entries. View transaction list Journal entry worksheet 1 > 2 Record to collection of EFT. Note: Enter debits before credits. Date General Journal Debit Credit May 31
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