Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
Bank Reconcilation and Related Journal Entries The 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 Novernber, and noting 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- 9. The reconcilation 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 crecitor in the amount of $372.90 was recorded in the books as $327.90. Required: 1. Prepare a bank reconcilation as of November 30 . 1. Prepare a bank reconciliation as of November 30 . 2. Prepare the required joumal entries

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions