Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ank Reconciliation and Related Journal Entries book balance in the checking account of Lyle's Salon as of November 30 is $3,282.95. The bank statement shows

image text in transcribed
image text in transcribed
image text in transcribed
ank Reconciliation and Related Journal Entries book balance in the checking account of Lyle's Salon as of November 30 is $3,282.95. The bank statement shows an ending balance of 2,127. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, and oting the service charges and other debit and credit memos shown on the bank statement, the following were found: a. An ATM withdrawal of $150 on November 18 by Lyle for personal use was not recorded on the books. b. A bank debit memo issued for an NSF check from a customer of $19.50. c. A bank credit memo issued for interest of $19 earned during the month. d. On November 30, a deposit of $1,177 was made, which is not shown on the bank statement. e. A bank debit memo issued for $17.50 for bank service charges f. Checks No. 549, 561, and 562 for the amounts of $185, $21, and $9.40, respectively, were written during November but have not yet been received by the bank. g. The reconciliation from the previous month showed outstanding checks totaling $271.95. One of those checks, No. 471 for $18.65, has not yet been received by the bank. h. Check No. 523 written to a creditor in the amount of $372.90 was recorded in the books as $327.90. Required: 1. Prepare a bank reconciliation as of November 30. When required, enter amounts in dollars and cents. 2. Prepare the required journal entries. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Financial Accounting And Reporting Principles And Analysis

Authors: Peter Walton, Walter Aerts

4th Edition

1473729521, 9781473729520

More Books

Students also viewed these Accounting questions

Question

What abilities are possible because humans use symbols?

Answered: 1 week ago