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Preparing a bank reconciliation statement and journalizing entries to adjust the cash balance.
On October 5, Sam Yao, Attorney at Law, received his September bank statement from First Security National Bank. Enclosed with the bank statement was a debit memorandum for $112 that covered an NSF check issued by Julia Anderson, a credit customer. The firm's checkbook contained the following information about deposits made and checks issued during September. The balance of the Cash account and the checkbooks on September 30 was $16,622.
Date
Transactions
Sept. 1
Balance
$13,000
1
Check 124
200
3
Check 125
20
Deposit
1,000
6
Check 126
450
10
820
11
Check 127
400
15
Check 128
150
21
Check 129
120
22
1,460
25
Check 130
8
Check 131
40
27
Check 132
70
28
1,800
FIRST SECURITY NATIONAL BANK
Sam Yao, Attorney-at-Law
2222 Sam Houston Lane
Columbus, OH 44106
Account No. 11-4568.03
Period Ending Sept. 30
Checks
Deposits
Beginning Balance
August 31
13,000.00
1,000.00+
September 3
14,000.00
200.00-
September 6
13,800.00
400.00-
20.00-
820.00+
September 11
14,200.00
450.00-
September 15
13,750.00
120.00-
September 19
13,630.00
1,460.00+
September 23
15,090.00
40.00-
8.00-
September 25
15,042.00
7.50- SC
112.00- DM
September 28
14,922.50
Instructions:
(a) Prepare a bank reconciliation statement for the firm as of September 30.
(b) Record general journal entries for any items on the bank reconciliation statement that must be journalized. Date the entries October 5.(c) Analyze: How many checks were paid (cleared the bank) according to the September 30 bank statement?
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