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At March 31, the balance of the Cash account according to the records of Jones Company was $2,590. The bank statement showed a balance of
At March 31, the balance of the Cash account according to the records of Jones Company was $2,590. The bank statement showed a balance of $2,530. You are to prepare the bank reconciliation of Jones Company at March 31, using the following information (9 points): (a) Deposit in transit at March 31 - $3,250 (b) Outstanding checks (not cleared by bank yet) - $310 (check #210), $1,000 (check #211), $210 (check #216) and $900 (check #224) (c) Service charge by bank-$35 (d) The bank statement showed that a note receivable for $1,000 owed to Jones Company had been collected and the proceeds deposited into the company's account on March 28. There was no interest involved. (e) A check for $150 drawn by a customer, D. Beat, was returned marked "NSF (1) Jones'check no. 209, was issued in payment of $172 worth of office supplies (an expense account) correctly written for $172 but erroneously recorded in Jones' accounting records as $127. Bank Reconciliation Balance per bank statement Add: Deduct: Adjusted balance Balance per depositor's records Add: Deduct: Adjusted balance PLEASE SHOW THE JOURNAL ENTRY OR ENTRIES NEEDED TO UPDATE OUR BOOKS Date Entry DEBIT CREDIT 331
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