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Prepare the october bank reconciliation for omega service

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Reference no: EM131716578

Part I - Special Journals

Step On It is a small shoe retailer. The following is a list of transactions for the month of June.

June 5- Received a bill (Invoice #5780) for $4,000 worth of supplies from Runner which will be paid next month

June 9- Received a bill from Telly (Invoice #167) for $200 for telephone services

June 12- Paid previous amount owing (Invoice #5779) to Runner (Cheque #201)

June 21- Handed over cheque #202 to Jumper for $3,500 worth of inventory

June 22- Paid amount owing (Invoice #166) to Telly for telephone services previously incurred with cheque #203

June 25- Paid $300 to Daley, for maintenance expenses (Cheque #204)

June 26- Received bill from Walker (Invoice #113) for $4,200 worth of inventory

Required:

a) Record the above entries in the appropriate journal.

b) Post the entries in the subledger accounts.

c) At the end of the month, total the special journals and update the control account.

Part II - Bank Reconciliation

The following information is provided for Omega Lawn Service at the end of October 2016.

GENERAL LEDGER

Account: Cash

GL No: 101

Date

Description

DR

CR

Balance

Oct 1

Opening Balance

 

 

$8,000 DR

Oct 1

Deposit

$2,0000

 

$10,0000 DR

Oct 4

Chq #64 Office Supply Company

 

$1,200

$8,800 DR

Oct 7

Chq #61 Salary

 

$2,700

$6,1000 DR

Oct 11

Chq #715 Lighting Supply

 

$2,500

$3,600 DR

Oct 12

Deposit

$4,000

 

$7,600 DR

Oct 18

Chq #67 Shelby Legal

 

$590

$7,010 DR

Oct 23

Chq #71 Hydro Company

 

$500

$6,510 DR

Oct 27

Chq #78 Bill's Maintenance

 

$800

$5,710 DR

Oct 31

Deposit

$1,400

 

$7,110 DR

 

BANK STATEMENT

Date

Explanation

Withdrawal

Deposit

Balance

Oct 1

Opening balance

 

 

$8,000

Oct 2

Deposits

 

$2,000

$10,000

Oct 8

Chq #61

$2,700

 

$7,300

Oct 13

Deposit

 

$4,000

$11,300

Oct 18

Chq #64

$120

 

$11,180

Oct 23

Chq #67

$590

 

$10,590

Oct 31

Service Charge

$40

 

$10,550

Oct 31

Interest

 

$60

$10,610

*Any cheque errors were cashed corrected by the bank.

a) Prepare the October bank reconciliation for Omega Lawn Service.

b) Record the relevant journal entries to bring the company's records up to date.

Reference no: EM131716578

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