Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Prepare a bank reconciliation at April 30, 2020, in proper form. 2. Record any necessary adjusting journal entries. If an amount box does not

1. Prepare a bank reconciliation at April 30, 2020, in proper form.

2. Record any necessary adjusting journal entries. If an amount box does not require an entry, leave it blank.

image text in transcribedimage text in transcribedimage text in transcribed

Bank Reconciliation Zing Corp. prepares monthly bank reconciliations as part of its cash controls. Zing's bank provided the following amount about Zing's cash balance at the bank for the month of April 2020: $74,350 Balance, April 30, 2020 Service charge for April Note ($3,000) and interest ($90) collected for Zing from a customer Interest earned during April NSF check from Orange Corp. (deposited by Zing) for goods purchased on account 3,090 140 470 Zing then analyzed its cash balance on its own set of books, revealing the following details: Checking account balance per Zing's books Deposit in transit at April 30 Outstanding checks as of April 30 Error in recording a check issued by Zing. (Correct amount of the check is $737, but was recorded as a cash disbursement of $773. The check was issued to pay for merchandise originally purchased on account.) $72,329 2,100 1,400 1. Prepare a bank reconciliation at April 30, 2020, in proper form. Zing Corp. Bank Reconciliation April 30, 2020 Cash balance from bank statement Add: Less: Adjusted cash balance Cash balance from company records Add: Less: Adjusted cash balance 2. Record any necessary adjusting journal entries. If an amount box does not require an entry, leave it blank. (Record bank service charge) (Record interest) (Record NSF check) (Record note receivable collected by bank) (Correct error in recording check)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Internet Market Research Audit

Authors: Cambridge

1st Edition

1902433742, 978-1902433745

More Books

Students also viewed these Accounting questions