9 eBook Prit Question 1 Partially correct Mark 15.00 out of 44.00 P Flag question Bank Reconciliation The Chicago Scooter Company's bank statement for the month of June indicated a balance of $10,500. The company's cash account in the general ledger showed a balance of $8,670 on June 30. Other relevant information includes the following: 1. Deposits in transit on June 30 total $7,800. 2. The bank statement shows a debit memorandum for a check printing charge of $60. 3. Check number 160 payable to Simon Company was recorded in the accounting records for $372 and cleared the bank for this same amount. A review of the records indicated that the Simon account now has a $54 credit balance and the check to them should have been $426. 4. Outstanding checks as of June 30 totaled $8,700. 5. Check No. 176 was correctly written and paid by the bank for $609. The check was recorded in the accounting records as a debit to accounts payable and a credit to cash for $735. 6. The bank returned a NSF check in the amount of $1,026. 7. The bank included a credit memorandum for $1,890 representing a collection of a customer's note. The principle portion was $1,800 and the interest portion was $90. The interest had not been accrued. Required a. Prepare the June bank reconciliation for Chicago Scooter Company. b. Prepare any necessary adjusting entries. Bank reconciliation Journal entries Note: Do not use negative signs with any of your answers. CHICAGO SCOOTER COMPANY Bank Reconciliation June 30 Cash Balance per Bank $ Add: Deposit in Transit Less: Outstanding Checks Reconciled Cash Balance per Bank $ Cash Balance per Books $ Add: Accounts Payable Error $ 0 x Add: Collection of Note OX Less: Check Printing Charge Less: NSF Check Reconciled Cash Balance per Books $ 0 x 0 x OX 0 X Check Bank reconciliation Journal entries Debit Credit $ 0X $ 0 0 0 x 0 5 0 0X GENERAL JOURNAL Date Description June 30 Cash Accounts Payable To correct check error in recording check No. 176. 30 Cash Notes Receivable Interest Earned To record note collection by bank. 30 Miscellaneous Expense Cash To record check printing charge. 30 Accounts Receivable Cash To record NSF check. 0 0X OX 0 > 0 OX > OX 0 > 0 OX