Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the
Question:
Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you.
Required
a. Prepare a proper bank reconciliation showing the true Cash balance.
b. Prepare the necessary journal entries.
Transcribed Image Text:
Brandon Company Bank Reconciliation May 31, 2020 $ 9,500 Balance per books May 31 Add: $1,060 Electronic Funds Transfer. Deposit in transit. 2,455 3,515 $13,015 Deduct: Bank charges. 10 NSF cheque, Rhonda Teal. 500 Outstanding cheques.. 1,800 Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.). 36 2,346 $10,669 Indicated bank balance. Balance per bank statement. 9,359 $ 1,310 Discrepancy.
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a BRANDON COMPANY Bank Reconciliation May 31 2020 Balance per books 9500 Add EFT 1060 10560 Deduct ...View the full answer
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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