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Account: Cash GL. No. 101 Date Explanation Debit Credit Balance Feb 1 Opening balance 9,000 DR Feb 5 Jimmy Supplies-cheque #136 480 8,520 DR Feb
| Account: | Cash | GL. No. 101 | |||
| Date | Explanation | Debit | Credit | Balance | |
| Feb 1 | Opening balance | 9,000 | DR | ||
| Feb 5 | Jimmy Supplies-cheque #136 | 480 | 8,520 | DR | |
| Feb 9 | HitHit Supplies-cheque #137 | 960 | 7,560 | DR | |
| Feb 12 | Steve Jackson | 260 | 7,820 | DR | |
| Feb 18 | Vivacious Inc-cheque #138 | 537 | 7,283 | DR | |
| Feb 19 | Forrest W Ltd-cheque #139 | 890 | 6,393 | DR | |
| Feb 28 | Deposit | 2,500 | 8,893 | DR | |
| Bank Statement | ||||
| Date | Explanation | Withdrawal | Deposit | Balance |
| Feb 1 | Opening balance | 9,000 | ||
| Feb 5 | Cheque #136 | 480 | 8,520 | |
| Feb 9 | Cheque #137 | 960 | 7,560 | |
| Feb 9 | EFT - Monthly Rent | 860 | 6,700 | |
| Feb 12 | Steve Jackson | 260 | 6,960 | |
| Feb 12 | NSF cheque | 260 | 6,700 | |
| Feb 12 | NSF charge | 8 | 6,692 | |
| Feb 18 | Cheque #138 | 357 | 6,335 | |
| Feb 21 | Cheque #9240 | 2,600 | 3,735 | |
| Feb 28 | Service charges | 27 | 3,708 | |
| Feb 28 | Interest on bank account | 22 | 3,730 | |
Additional Information 1. On Feb 18, Rancho Relaxo purchased $357 worth of salon supplies from Vivacious Inc. 2. The salons cheque numbers are always three-digits in length. They did not issue Cheque #9240.
Required a) Prepare a bank reconciliation for Rancho Relaxo on February 28, 2022. b) Prepare the necessary journal entries.
Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Select the proper order for the headings of the Bank Reconciliation.
| AnswerFebruary 28, 2022Rancho RelaxoBank Reconciliation | |||||
| AnswerFebruary 28, 2022Rancho RelaxoBank Reconciliation | |||||
| AnswerFebruary 28, 2022Rancho RelaxoBank Reconciliation | |||||
| Cash balance per bank statement | Answer | Cash balance per books | Answer | ||
| Add | Add | ||||
| Outstanding deposit | Answer | Interest earned | Answer | ||
| Bank Error | Answer | Answer | Ledger error | Answer | Answer |
| Deduct outstanding cheques | Deduct | ||||
| Cheque #139 | Answer | EFT - Rent | Answer | ||
| NSF Cheque | Answer | ||||
| NSF service charge | Answer | ||||
| Bank service charges | Answer | Answer | |||
| Adjusted bank balance | Answer | Adjusted book balance | Answer | ||
Do not enter dollar signs or commas in the input boxes.
| Date | Account Title and Explanation | Debit | Credit |
| 2022 | |||
| Feb 28 | AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | |
| AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | ||
| Correct error on cheque #138 | |||
| Feb 28 | AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | |
| AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | ||
| Record interest earned for the month of February | |||
| Feb 28 | AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | |
| AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | ||
| Record EFT - monthly rent | |||
| Feb 28 | AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | |
| AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | ||
| Record NSF cheque returned by bank | |||
| Feb 28 | AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | |
| AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | ||
| Record NSF charges from bank | |||
| Feb 28 | AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | |
| AnswerAccounts PayableAccounts ReceivableBank Charges ExpenseCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueRent ExpenseSalaries ExpenseSales RevenueSalon SuppliesUnearned Revenue | Answer | ||
| Record service charges for the month of February |
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