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1 please answer Question 1. Bank Reconciliation and Adjusting Entries (15 points) Presented below is formation related to Tolan Corp. disbursements are Gisbunce pc books
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Question 1. Bank Reconciliation and Adjusting Entries (15 points) Presented below is formation related to Tolan Corp. disbursements are Gisbunce pc books on August 31 is $19.500. During September, receipts are $185,000 and Balance per bank statement on September 30 is $18,600. The following checks were outstanding on September 30. $2,000 #2101 #2102 #2103 $750 $1,650 Included with the September bank statement and not recorded by the company were a bank debit memo for $60 covering bank charges for the month, a debit memo for $1,850 for a customer's check returned and marked NSF, and a credit memo for S430 representing bond interest collected by the bank in the name of Tolan Corp. Cash on hand on September 30 recorded and awaiting deposit amounted to $1,400. Instructions (1) Show computation of the balance per book on September 30 (2 points) (2) Prepare a bank reconciliation (to the correct balance) on September 30, for Tolan Corp. from the information above. (10 points) INC SITY (3) Prepare any journal entries required to adjust the cash account on September 30 for Tolan Corp. (3 points) Dr. Cr Step by Step Solution
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