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8. In comparing the balance per books of Yours Company with the bank statement, together with the canceled checks and other memoranda at December
8. In comparing the balance per books of Yours Company with the bank statement, together with the canceled checks and other memoranda at December 31, 2020, you observe the following: a) Balance per bank statement b) Balance per books c) Outstanding checks, Dec. 31, 2020 d) Receipts of December 31, 2020 deposited on Jan. 2, 2021 e) Service charge for December, 2020 f) Proceeds of bank loan, Dec. 5, 2020 omitted from the company's records (discounted for 3 months at 12% per year) g. Deposit of Dec. 23, 2020 omitted from the bank statement h) Check of Ours Company charged back on Dec. 22, 2020 for lack of counter signature redeposited on January 5, 2021 i) Error on bank statement in recording deposit of Dec. 16, 2020 Correct amount Entered in statement P 31,824.00 31,814.00 j) Check #2451 of Young Company charged in error to the company's account k) Proceeds of note of F. Rances and Company collected by bank on Dec. 15, 2020 not recoded on the books: Principal Interest Total Less: collection charge 20,000 400 20.400 50 892,346.30 590,884.60 333,788.20 53,172.00 225.00 97,000.00 28,924.10 8,737.40 10.00 26,900.00 20,350.00 I) Erroneous debit memo of Dec. 23, 2020 to charge company's account with settlement of bank loan which was paid by check No. 4200 on the same date m) Error on bank statement in entering deposit of Dec. Dec. 24, 2020: 50,000 Correct amount Entered in statement P 48,071.00 48,171,00 n) Deposit of Ours company on Dec. 27, 2020 credited in error the company's account REQUIRED: Prepare bank reconciliation using the 1. adjusted balance method 2. Book to bank method 3. Bank to book method 100.00 18,192.00
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