Solution-Prepare a bank reconciliation in good form

Prepare a bank reconciliation in good form

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Reference no: EM131695440

Question - Prepare a bank reconciliation in good form along with adjusting journal entries for the following as of 12/31/2016:

Bank Statement
Checks			Deposits
Date	Number	Amount	Date	Amount
12-1	3451	$2,260.40	12-1	$ 2,530.20
12-2	3471	844.50	12-4	1,211.60
12-7	3472	1,426.80	12-8	2,365.10
12-4	3475	1,640.70	12-16	2,672.70
12-8	3476	1,300.00	12-21	2,945.00
12-10	3477	2,130.00	12-26	2,567.30
12-15	3479	3,080.00	12-29	2,836.00
12-27	3480	600.00	12-30	1,025.00
12-30	3482	475.50	Total	$18,152.90
12-29	3483	1,140.00
12-31	3485	520.80
	Total	$15,418.70

The cash records per books for December showed the following.

Cash Payments Journal						Cash Receipts Journal
Date	Number	Amount	Date	Number	Amount	Date	Amount
12-1	3475	$1,640.70	12-20	3482	$475.50	12-3	$ 1,211.60
12-2	3476	1,300.00	12-22	3483	1,140.00	12-7	2,365.10
12-2	3477	2,130.00	12-23	3484	791.50	12-15	2,672.70
12-4	3478	621.30	12-24	3485	250.80	12-20	2,954.00
12-8	3479	3,080.00	12-30	3486	889.50	12-25	2,567.30
12-10	3480	600.00	Total		$13,726.70	12-28	2,836.00
12-17	3481	807.40				12-30	1,025.00
						12-31	1,690.40
						Total	$17,322.10

The bank statement contained two memoranda:

1. A credit of $5,285 for the collection of a $5,140 note for Paris Company plus interest of $160.00 and less a collection fee of $15.00. Paris Company has not accrued any interest on the note.

2. A debit of $579.30 for an NSF check written by a customer. At December 31, the check had not been redeposited in the bank.

At December 31, the cash balance per books was $14,285.20, and the cash balance per the bank statement was $21,907.80. The bank did not make any errors, but two errors were made by Paris Company.

Reference no: EM131695440

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Prepare a bank reconciliation in good form

Reference no: EM131695440

Reference no: EM131695440

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