Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
After reviewing ATG Company Ltd.'s bank statement for the month of September 2022, the company accountant noted the following: A deposit of $550.00 was made
After reviewing ATG Company Ltd.'s bank statement for the month of September 2022, the company accountant noted the following: A deposit of $550.00 was made to the bank account on Deposits in transit September 29th but is not yet reflected on the bank statement. Three outstanding cheques (cheque #134, $45.45; cheque #135, $440.05 and cheque #136, $121.12) were recorded in Outstanding cheques the company's accounting records but not yet shown on the bank statement A bank charge of $50.00 is shown on the bank statement for Bank errors a new cheque printing order. The company has not ordered new cheques and is planning to have this charge removed. Unrecorded electronic receipts were identified on the bank EFT receipts statement. These were for $500.00 on September 2 and $120.00 on September 22 Interest Interest charges of $57.00 were shown on the bank statement Unrecorded electronic payments are shown on the bank statement. These included: $69.56 paid to the cable EFT payments company for internet service on September 5th and $120.45 paid to the local office supply store on September 12th. Interest Interest charges of $57.00 were shown on the bank statement Unrecorded electronic payments are shown on the bank statement. These included: $69.56 paid to the cable EFT payments company for internet service on September 5th and $120.45 paid to the local office supply store on September 12th. A returned cheque plus NSF fee was shown on the bank NSF cheques statement (Cheque date September 19th, $560.00 plus $50.00 NSF fee). Service fees Service fees shown on the bank statement but not recorded in the company accounts totalled $125.00. The bank statement shows a payment on September 9th for Company errors utilities of $165.85. The company books show $156.85. After investigation, $165.85 is determined as the correct payment. Note: the cash balance on the bank statement is showing $7.754.48. Instructions Prepare the Bank Reconciliation for ATG Company for the month of September ( 18 marks) After reviewing ATG Company Ltd.'s bank statement for the month of September 2022, the company accountant noted the following: A deposit of $550.00 was made to the bank account on Deposits in transit September 29th but is not yet reflected on the bank statement. Three outstanding cheques (cheque #134, $45.45; cheque #135, $440.05 and cheque #136, $121.12) were recorded in Outstanding cheques the company's accounting records but not yet shown on the bank statement A bank charge of $50.00 is shown on the bank statement for Bank errors a new cheque printing order. The company has not ordered new cheques and is planning to have this charge removed. Unrecorded electronic receipts were identified on the bank EFT receipts statement. These were for $500.00 on September 2 and $120.00 on September 22 Interest Interest charges of $57.00 were shown on the bank statement Unrecorded electronic payments are shown on the bank statement. These included: $69.56 paid to the cable EFT payments company for internet service on September 5th and $120.45 paid to the local office supply store on September 12th. Interest Interest charges of $57.00 were shown on the bank statement Unrecorded electronic payments are shown on the bank statement. These included: $69.56 paid to the cable EFT payments company for internet service on September 5th and $120.45 paid to the local office supply store on September 12th. A returned cheque plus NSF fee was shown on the bank NSF cheques statement (Cheque date September 19th, $560.00 plus $50.00 NSF fee). Service fees Service fees shown on the bank statement but not recorded in the company accounts totalled $125.00. The bank statement shows a payment on September 9th for Company errors utilities of $165.85. The company books show $156.85. After investigation, $165.85 is determined as the correct payment. Note: the cash balance on the bank statement is showing $7.754.48. Instructions Prepare the Bank Reconciliation for ATG Company for the month of September ( 18 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started