Prepare bank reconciliation statement .

Question

Want to see the full answer?

Answer 1

Question

Chapter 9, Problem 3PB

1.

To determine

Prepare bank reconciliation statement.

2.

To determine

Prepare necessary journal entries from the BRS.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Prepare a reconciliation of the bank and book balances to the correct cash balance and provide the journal entries to adjust and correct Yingying's books. Yingying Company's books show a cash balance at the Ojibway National Bank on November 30, 2020, of $20,502. The bank statement covering the month of November shows an ending balance of $22,190. An examination of Yingying's accounting records and the November bank statement identified the following reconciling items. 1. A deposit of $3,680 was taken to the bank late on November 30 but does not appear on the November bank statement. 2. Cheques written in November but not charged to (deducted from) the November bank statement are: Cheque #7327 = $150 #7348 = 4,820 #7349 = 31 3. Yingyinghas not yet recorded the $600 of interest collected by the bank on November 20 on Sequoia Co. bonds held by the bank for Yingying. 4. Bank service charges of $18 are not yet recorded on Yingying s books. 5. A $220 cheque for Yingying from a…

Using the following information, prepare a bank reconciliation for Young Co. for August 31, 2019, and prepare the journal entries: (a) The bank statement balance is $4,095 (b) The cash account balance is $4,205. (c) Outstanding checks amounted to $517. (d) Deposits in transit are $655. (e) The bank service charge is $45. (f) A check for $84 for supplies was recorded as $48 in the ledger. (g) NSF check for $649.00 (h) EFT collected $715.00 (i) Bank error processed a check for $53 as $35

The accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.