Reference no: EM132544614

Greenview Food Store developed the following information in recording its bank statement for the month of March 20XX.

Balance per books on March 31 $ 829

Balance per bank on March 31 $ 7,030

1) Checks written in March but still outstanding, $5,200.

2) Checks written in February but still outstanding, $1,200.

3) Deposits of March 30 and 31 not yet recorded by bank, $3,100.

4) NSF check of customer returned by bank, $400.

5) Check #210 for $675 was correctly issued and paid by the bank but incorrectly entered in the cash payments journal as payment on account for $657, for payment to a creditor.

6) Bank service charge for March was $31.

7) A payment on account was incorrectly entered into the cash payments journal and posted to the accounts payable subsidiary ledger for $854 when check #318 was correctly prepared for $584. The check cleared the bank in March.

8) The bank collected a note receivable for the company for $3,000 plus $80 interest.

Instructions:

Question a) Prepare a bank reconciliation for the Greenview Food Store for the month of March 31, 20XX.

Question b) Journalize the adjusting entries for Greenview Food Store on March 31, 20XX.