Solution-Prepare a bank reconciliation for the month of

Prepare a bank reconciliation for the month of october

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Reference no: EM133033779

Question - The Gerard Company maintains a checking account at the Bank of America. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2021, bank statement included the following information:

Balance, October 1, 2021 $32,690

Deposits 86,000

Checks processed (75,200)

Service charges (350)

NSF checks (1,600)

Monthly loan payment deducted directly by bank from account (includes $400 in interest) (3,400)

Balance, October 31, 2021 $38,140

The company's cash (checking) account had a balance of $42,544 at the end of October.

Deposits outstanding totaled $4,224, and all checks written by the company were processed by the bank except for those totaling $5,620.

A check for $500 for the purchase of office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October.

Required -

1. Prepare a bank reconciliation for the month of October.

2. Prepare the necessary journal entries at the end of October to adjust the general ledger cash account.

Reference no: EM133033779

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Prepare a bank reconciliation for the month of october

Reference no: EM133033779

Reference no: EM133033779

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