1) Prepare the bank reconciliation statement as of June 30, 2021. To do this, you will need to use:
- the previous month's bank reconciliation statement, and
- the current month's bank statement and cash journals
Note that the bank reconciliation statement provided below may contain more rows than required.
2) Use the bank reconciliation statement to record the relevant reconciling items in the general journal.
3) Post entries recorded in the general journal to the appropriate ledger accounts according to the company's accounting policies and procedures.
CASH RECEIPTS JOURNAL Debit Credit Date Account Post Ref. Cost of Goods Sold Cash Sales Revenue Sales Tax Accounts Other Receivable Accounts Jun 1 Bank Loan Payable 250 42,000 42,000 Jun 6 Sales Revenue X 29,400 28,000 1,400 13,440 110-1 8,000 8,000 Jun 12 ARC - Cough-up bookstore Jun 13 Sales Revenue 24,633 23,460 1,173 12,240 Jun17 | ARC - Attic Books 110-3 55,917 55,917 Jun 20 | ARC - Amazone.com 110-6 11,700 11,700 Jun 20 Sales Revenue 34,020 32,400 1,620 24,300 Jun 27 | Sales Revenue 31,800 1,590 19,680 Jun 29 ARC - Gimmicks 110-4 33,390 5,149 10,626 5,149 Jun 29 Sales Revenue x 10,120 506 5,520 Total 254,835 125,780 6,289 80,766 42,000 75,180 Post reference (100) (400) (240) (110) (X)(500)/(120) CASH PAYMENTS JOURNAL Debit Credit Date Account Check No. Post Ref. Accounts Merchandise Wages Other Payable Inventory Expense Accounts Cash 747 7,500 7,500 748 220 2,484 2,000 4,484 5,100 749 210-2 5,100 Jun 2 Merchandise Inventory Jun 4 Wages Payable Jun 5 APC - Albatross Jun 6 APC - Deterministic Garage Jun 11 Wages Expense Jun 13 Electricity Payable Jun 14 APC - Bookheamoth 750 210-4 7,900 7,900 751 3,628 3.628 752 221 1,204 1,204 753 || 210-5 9,300 9,300 754 140 2,800 2,800 Jun 15 Prepaid Rent Jun 18 Wages Expense Jun 23 APC - Booked Inn 755 X 4,328 4,328 756 210-1 9,557 9,557 47,311 Jun 25 APC - Polar Bear Books 757 210-3 47,311 758 3,883 3,883 Jun 25 Wages Expense Jun 30 Merchandise Inventory Jun 30 Salary Expense 759 5,520 5,520 760 545 5,700 5,700 11,704 118,215 Total 79,168 13,020 14,323 Post reference (210) (120) (516) (X) (100) Print Close Bank statement June btbank San Francisco branch Abraham Chadwick 941 Jackson Street San Francisco, CA 94104 Account No. 44690243 Page No. Spine Tinglers Date Particulars Debit Credit $920 $7,500 $14,220 JUN 1 BALANCE BROUGHT FORWARD JUN 3 746 JUN 4 747 JUN 4 DEPOSIT - Cough-up bookstore JUN 4 745 JUN 5 LOAN JUN 6 DEPOSIT - Gimmicks JUN 7 749 JUN 7 748 $6,200 $42,000 $12,889 $5.100 $4,484 $7,900 JUN 10 750 JUN 12 DEPOSIT - Cash sales JUN 12 751 $29,400 $3,628 $9,300 $8,000 $24,633 Balance $51,522 CR $50,602 CR $43,102 CR $57,322 CR $51,122 CR $93,122 CR $106,011 CR $100,911 CR $96,427 CR $88,527 CR $117,927 CR $114,299 CR $104,999 CR $112,999 CR $137,632 CR $136,428 CR $132,100 CR $129,300 CR $141,000 CR $175,020 CR $163,320 CR $159,437 CR $112,126 CR $145,516 CR $139,996 CR $134,296 CR $134,883 CR $134,869 CR $1.204 $4,328 JUN 15 753 JUN 16 DEPOSIT - Cough-up bookstore JUN 17 DEPOSIT - Cash sales JUN 20 752 JUN 20 755 JUN 20 754 JUN 22 DEPOSIT - Amazone.com JUN 23 DEPOSIT - Cash sales JUN 24 NSF CHECK - Amazone.com JUN 26 758 JUN 27 757 JUN 28 DEPOSIT - Cash sales $2,800 $11,700 $34,020 $11,700 $3,883 $47,311 $33,390 $5,520 $5,700 JUN 30 759 JUN 30 760 JUN 30 INTEREST JUN 30 TRANSACTIONS FEE $587 $14 Last statement to this statement to 05/31/21 06/30/21 Total debits Total credits Final balance $127,492 $210,839 $134,869 CR Proceeds of checks will not be available until cleared. All entries for the last business day are subject to verification and authorization. Any items not paid, or withdrawn, will be adjusted by reversal entry on a later statement NSF means Not-Sufficient-Funds. Bank reconciliation statement May 0000 Spine Tinglers Bank Reconciliation Statement May 31, 2021 $51,522 Balance per bank: Add: deposit in transit from Gimmicks deposit in transit from Cough-up bookstore $12,889 14,220 27,109 78,631 Deduct: outstanding check outstanding check Adjusted balance per bank No. 745 $6,200 No. 746 920 7,120 $71,511 $71,310 Balance per book: Add: interest earned 215 71,525 Deduct: bank service charge Adjusted balance per book 14 $71,511 00000 Spine Tinglers Bank Reconciliation Statement June 30, 2021 $ Balance per bank: Add: Deduct: v No. No. No. Adjusted balance per bank Balance per book Add: Deduct: Adjusted balance per book
