ACC 1 Lab

Complete the Bank Reconciliation and the journal entires

Can you also please explain the steps? Thank you!

Again, if you can also explain the steps that would be very helpful! Thank you!

ACC 213 Accounting Lab #5 for Chapter 6 Name: Complete the Bank Reconciliation (Part A) and the Journal Entries (Part B) from the information provided. Part A: Information from the Bank: Information from the Company's accounting system: Bank Statement XYZ Company ABC Bank Cash Account with ABC Bank #40-1004 XYZ Company Acct# 40-1004 Date: 3/31/2021 Cash Beginning Balance at 3/1/2021 $13,735.00 3/1 balance $14,009 Total Deposits and other credits 5,836.00 Total checks and other debits 3,317.00 2-Mar 1276 62 Chk# 1468 Ending Balance at 3/31/2021 $16,254.00 12-Mar 2247 572 Chk# 1469 17-Mar 231 118 Chk# 1470 Checks & Debits Deposits and Credits 23-Mar 453 395 Chk# 1471 Check # Amount Date Amount 31-Mar 1600 247 Chk# 1472 1467 576 1-Mar 850 1155 Chk# 1473 1468 62 2-Mar 1276 187 Chk# 1474 1469 572 12-Mar 2247 99 Chk# 1475 1470 118 17-Mar 231 3/31 balance $16,981 1471 395 23-Mar 453 1473 1155 Credit Memo 1 779 1475 99 Note: All checks paid by the bank were paid for the amounts written on the checks by XYZ Company. Debit Memo 1 25 Check #1475 was for the utility bill. Debit Memo 2 315 February Bank Reconciliation Inforrmation DM#1 is a bank service chari CM#1 is for collection of accounts DM#2 is for an NSF check receivable Balance on 2/28 per bank 13735 Deposits in transit 850 Outstanding Checks 576 True Balance 14009 A. Prepare a bank reconciliation for March B. Prepare any journal entries that the company should make on 3/31 after reconciling the cash account. Bank Reconciliation Balance per Bank Balance per Company ADD: ADD: Acct. Titles Debit Credit Less: Less: Write a short title for each item you add or subtract Put dollar amounts in yellow section of reconciliation using formulas/cell references Adjusted Balance Adjusted Balance (No dates or explanations are required in these journal entry or entries)