Bank Reconciliation

Part B (Bank Reconciliation-25 marks) On June 30, 0045 the cash account of the Widget Supply Company had a balance of $38,520. On that date, the bank statement indicated a balance of $54,600. The bank reported the collection of a note receivable for Widget Supplies of $6,300 plus $300 interest A $700 cheque from customer Joyce Franks was returned by the bank as NSF The bank charged Widget Supplies $60 for bank fees The bank had not recorded a $200 deposit to Widget Supplies' account. (Missing Deposit) The bank also did not include a deposit of $4700 made by Widget Supplies on June 30 Cheques totalling $13,400 issued by Widget Supplies had not cleared the bank. #450$4,000#455$8,500#456$900 Widget Supplies recorded an insurance expense payment of $160 as $1,600. (a bookkeeping error) Using the Excel working papers labelled Part B Bank Rec and Joumal: instructions: 1. Prepare a bank reconciliation for June 30,xxxx. 2. Prepare necessary journal entries to adjust the Widget Company's records based on the bank reconciliation Part B (Bank Reconciliation-25 marks) On June 30, 0045 the cash account of the Widget Supply Company had a balance of $38,520. On that date, the bank statement indicated a balance of $54,600. The bank reported the collection of a note receivable for Widget Supplies of $6,300 plus $300 interest A $700 cheque from customer Joyce Franks was returned by the bank as NSF The bank charged Widget Supplies $60 for bank fees The bank had not recorded a $200 deposit to Widget Supplies' account. (Missing Deposit) The bank also did not include a deposit of $4700 made by Widget Supplies on June 30 Cheques totalling $13,400 issued by Widget Supplies had not cleared the bank. #450$4,000#455$8,500#456$900 Widget Supplies recorded an insurance expense payment of $160 as $1,600. (a bookkeeping error) Using the Excel working papers labelled Part B Bank Rec and Joumal: instructions: 1. Prepare a bank reconciliation for June 30,xxxx. 2. Prepare necessary journal entries to adjust the Widget Company's records based on the bank reconciliation