Home / Questions / )Bank reconciliation and entriesThe cash account for Showtime Systems at February 28, 2006
)Bank reconciliation and entriesThe cash account for Showtime Systems at February 28, 2006, indicated a balance of $19,144.15. The bank statement indicated a balance of $31,391.40 on February 28, 2006. Comparing the bank statement and the accompanying canceled checks and memorandums with the records reveals the following reconciling items:a)
Checks outstanding totaled $11,021.50.b) A deposit of $6,215.50, representing receipts of February 28, had been made too late to appear on the bank statement.c) The bank had collected $6,300 on a note left for collection. The face of the note was $6,000.d) A check for $1,275 returned with the statement had been incorrectly recorded by Showtime Systems as $2,175.
The check was for the payment of an obligation to Wilson Co. for the purchase of office supplies on account.e) A check drawn for $855 had been incorrectly charged by the bank as $585.f) Bank service charges for February amounted to $28.75.Instructions1) Prepare a bank reconciliation.2) Journalize the necessary entries.
The accounts have not been closed.a) Checks outstanding totaled $5,180.27.b) A deposit of $3,481.70, representing receipts of April 30, had been made too late to appear on the bank statement.c) A check for $620 had been incorrectly charged by the bank as $260.d) A check for $479.30 returned with the statement had been recorded by Alpine Sports Co. as $497.30. The check was for the payment of an obligation to Bray & Son on account.e) The bank had collected for Alpine Sports Co. $3,424 on a note left for collection. The face of the note was $3,200.f) Bank service charges for April amounted to $25.g) A check for $880 from Shuler Co. was returned by the bank because of insufficient funds.
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