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On August 31, Kravsnik Company receives its bank statement. The company deposits its receipts in the bank and makes all payments by check. The debit memo for $149 is for an NSF check written by N. Carlton. Check no. 1924 for $336, payable to Garner Company (a creditor), was incorrectly recorded in the checkbook and journal as $200.
The balance of the Cash account as of August 31 is $1,509. Outstanding checks as of August 31 are: no. 1928, $119; no. 1929, $243. The accountant notes that the deposit of August 31 for $261 did not appear on the bank statement.
Instructions:
(a) Prepare a bank reconciliation as of August 31, assuming that the debit memos have not been recorded.
(b) Record the necessary journal entries.
Peabody National Bank
Kravsnik Company
416 Seneca Avenue
Kansas City, Missouri 64102
Account No.
152-6 55-217
Statement Date:
August 1-31
Summary: Balance Last Statement $1,360.00
Amount of Checks and Debits $2,698.00
Number of Checks 11
Amount of Deposits and Credits $2,651.00
Number of Deposits 7
Balance this Statement $1,313.00
Checks/Other Debits
Checks
Check Number
Date Posted
Amount
1917
8-04
172.00
1923
8-09
621.00
1918
76.00
1924
8-17
336.00
1919
8-05
146.00
1925
14.00
1920
8-07
206.00
1926
8-23
533.00
1921
139.00
1927
8-28
94.00
1922
8-08
200.00
Other Debits
Description
DM NSF check
DM Service charge
8-31
149.00
12.00
Deposits/Other Credits
Deposits
Date posted
8-02
326.00
8-18
419.00
412.00
8-24
398.00
437.00
291.00
Please examine this statement carefully. Report any possible errors in 10 days.
Code Symbols
CM Credit Memo DM Debit Memo OD Overdraft EC Error Correction
Distinguish between discretionary and committed fixed costs.
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