ACCT 728 Pre-workQuiz 5

ACCT 225 - Lecture 6, Modules 1 & 2

On January 31, 2019, the bank statement for the checking account of Gamecock Corporation shows a balance of $13,116, while the company's records show a balance of $12,754. Information that might be useful in preparing a bank reconciliation is as follows:

1. Outstanding checks are $1,320.
2. The January 31 cash receipts of $740 are not deposited in the bank until February 2.
3. One check written in payment of utilities for $124 is correctly recorded by the bank, but is recorded by Gamecock as a disbursement of $142.
4. In accordance with prior authorization, the bank withdraws $650 directly from the checking account as payment on a note payable.The interest portion of that payment is $50 and the principal portion is $600.Gamecock has not recorded the direct withdrawal.
5. Bank service fees of $30 are listed on the bank statements.
6. A deposit of $494 is recorded by the bank on January 13, but it did not belong to Gamecock.The deposit should have been made to the checking account of Tiger, a separate company.
7. The bank statement includes a charge of $50 for an NSF check.The check is returned with the bank statement, and the company will seek payment from the customer.

I need to see how a bank reconciliation for Gamecock Corporation as of January 31, 2019.