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1/3 Title: ACCY'! 12: Accounting in Organisations Type of assessment taslt: Assignment 1 Due date: Week 5 in your enrolled tutorial class. QUESTION 1 Gas

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1/3 Title: ACCY'! 12: Accounting in Organisations Type of assessment taslt: Assignment 1 Due date: Week 5 in your enrolled tutorial class. QUESTION 1 Gas Ltd's bank statement from AusCom bank as at 31 August shows the following information: Balance. 1 August 5 34,300 August deposits 5 145,220 Cheques cleared in August 5 13?,320 Balance. 31 August 3 51,864 Bank direct credits: Collection of note receivables plus 8:180 inte 5 Interest earned 5 54 Bank direct debits: Safety deposit box rent 5 BD A summary of the record on Cash at bank account for August shows the following: Balance 1 August 533,300; total cash receipts journal 5154.000 and cash payment journal $147,146. Analysis reveals that the only reconciling items on the 31 July bank reconciliation were an outstanding deposit for $8,000 and unpresented cheques of $9,000. The deposit in transit was the first deposit recorded by the bank in August. In addition, you determine that there were two errors involving business cheques drawn in August: First. a cheque for $800 to a creditor on account that cleared the bank in August was journalised and posted for 584:]. Second, a salary cheque to an employee for 555D was recorded by the bank $555. Required (show all working]: 1. Prepare hank reconciliation for Gas Ltd for August to adjust the bank and book (32 marks) balance. 2. Prepare required journal entries to adjust the book balance. {18 marks)

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