Prepare the required journal entries from the bank reconciliation below as of the end of January:
The balance per general ledger is $200
There is a debit memo for interest expense, $100
There is a debit memo for a customer's NSF cheque $375
Outstanding cheques amount to $2,000
This month's service charge amounts to $50
Deposits in transit amount to $1,500
67) When completing a bank reconciliation, explain why all adjustments to the chequebook balance require journal entries?
68) What is the difference between a debit and credit memorandum?
69) Construct a bank reconciliation for Candy Land Confectionery as of July 31, 2015, from the following information:
Ending chequebook balance$420
Ending bank statement balance320
Deposits in transit220
Bank service charge (debit memo)35
70) Construct a bank reconciliation for Barco Company as of April 30, 2013, from the following information:
Ending chequebook balance$5,500
Ending bank statement balance$5,300
Deposit in transit$2,000
Outstanding cheques$1,030, $79, $500 and $100
Bank collected a note from ABC Co.$ 300
Recorded cheque as $89 instead of $98 on cheque stub. Correct amount on cheque.
Duke Co. cheque for $200 came back because of insufficient funds
71) Explain why only the chequebook side of the bank reconciliation must be journalized.
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