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)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

)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.

Tripti 06-Dec-2019

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