Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assignment Details You are the newly hired accountant for The Gift Shop. The owner has just received the December 31, 2008 bank statement and has

Assignment Details

You are the newly hired accountant for The Gift Shop. The owner has just received the December 31, 2008 bank statement and has asked you to prepare the monthly bank reconciliation.

  • Write the procedure documentation for the monthly bank reconciliation process in a professional manner.
  • It will be the desktop guide used by others in the event of your absence to prepare the financial statements for The Gift Shop.
  • It may be in the form of a memorandum or as a numbered listing of items, depending on your individual preference.
  • Prepare the monthly bank reconciliation for The Gift Shop based on the information provided.

Additional information needed for bank reconciliation preparation follows:

  • Cash per the unadjusted trial balance is $12,675.
  • Cash balance per the bank statement is $12,780.
  • Check #115 has not cleared the bank. It was written for $645.
  • A deposit of $1,000 cleared the bank but was not recorded in the general ledger.
  • A check for $250 was found in the owner's desk drawer.
  • A deposit of $1,250 was taken to the bank after 2 p.m. on December 31, 2008 and was not posted by the bank until January 1, 2009.
  • Errors were noted in the following checks:
  • Check #121 was recorded for $325 but cleared the bank as $320.
  • Check #125 was recorded for $585 but cleared the bank as $600.
  • Bank service charge reported on the bank statement $30.00

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

Accounting

Authors: Carl S Warren, James M Reeve, Jonathan Duchac

24th Edition

0538475005, 9780538475006

More Books

Students also viewed these Accounting questions

Question

=+a) Draw the decision tree.

Answered: 1 week ago

Question

2. Find five metaphors for communication.

Answered: 1 week ago