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Can anybody help me to answer this question Exercise 4-46 (Algorithmic) Bank Reconciliation Valentine Investigations has the following information for its cash account: Balance, 1/31
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Exercise 4-46 (Algorithmic) Bank Reconciliation Valentine Investigations has the following information for its cash account: Balance, 1/31 Deposits during February Checks written during February Valentine's bank statement for February contained the following information: Balance, 1/31 Add: February deposits $7,803 106,780 102,341 $9,269 104,950 $114,219 Less: Checks paid in February $101,400 Bank service charge Debit memo (electric bill) Balance per bank, 2/28 A comparison of company records with the bank statement provided the following data 50 800 102,250 $11,969 At 1/31 $2,750 4,216 At 2/28 $4,580 5,157 Deposits in transit Outstanding checks Required: 1. Prepare a bank reconciliation as of February 28 Debit memo (electric bill) Balance per bank, 2/28 A comparison of company records with the bank statement provided the following data 800 102,250 $11,969 At 1/31 $2,750 4,216 At 2/28 $4,580 5,157 Deposits in transit Outstanding checks Required 1. Prepare a bank reconciliation as of February 28 Valentine Investigations Bank Reconciliation February 28 11,969 114,219 X 11,969 X Cash balance from bank statement Add: Deposits in transit Less: Outstanding checks Adjusted cash balance Cash balance from company records Less: Deposits in transit 4,580X Outstanding checks 5,157 X Adjusted cash balance 2. Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation. Feb. 28Cashy Bank Service Charge Expense x (Record bank service charge) Feb. 28 Accounts Payable x Accounts Receivable Y (Record debit memo for payment of utilities) Feedback Check My Work 2. Adjusting journal entries are required for all transactions correctly recorded by the bank that have not yet been included in the accounting records 3. What is the amount of cash that should be reported on the February 28 balance sheet
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