CASH ACCOUNT TRANSACTIONS FOR SEPTEMBER: GL ACCOUNT: 1080 Bank Account For the period of Sept 01/15 to Sept 30/15 DATE Chapter 7 Internal Control and Cash REFERENCE DEBIT CREDIT Opening Balance BALANCE Dr. (Cr.) September 3 No. 256 5,414.98 88.73 5,326.25 No. 257 406.40 4,919,85 No. 258 234.53 4,685.32 No. 259 90.20 4,595.12 No. 260 84.01 4,511.11 No. 261 31.73 4,479.38 No. 262 191.30 4,288.08 September 7 September 14 Deposit Slip 739.43 5,027,51 Deposit Slip 788.92 5,816.43 September 17 No. 2631 38.44 5,777.99 No. 264 469.99 5,308.00 No. 265 111.25 5,196.75 No. 266 38.44 5,158.31 No. 267 380.53 4,777.78 No. 268 34.53 4,743.25 September 21 Deposit Slip 610.59 5,353.84 September 28 Deposit Slip 1,069.59 6,423.43 3,208.53 2,200.08 BANK RECONCILIATION FOR PRECEDING MONTH (DATED AUGUST 31): Cash balance according to bank statement Add deposit of August 31, not recorded by bank. Deduct outstanding cheques: No. 239 240. 242 Adjusted balance Cash balance according to company's records. Deduct: Service charges. Adjusted balance. Instructions $5.391.43 351.25 5.742.68 $131.39 66.08 130.23 327.70 $5,414.98 $5.444.98 30.00 $5.414.98 1. Prepare a bank reconciliation as at September 30, 2015. Assume that any errors in recording deposits or cheques were made by the bank. Deposits are made on Friday evenings. 2. Briefly explain how any errors were reflected in the bank reconciliation and how they should be corrected. 3. Journalize any necessary entries. 4. What should be the balance of the Cash Account as at September 30, 2015? PR 7-13A Bank reconciliation and entries 1. Adjusted balance $6,057.48 Instructions 1. Prepare a bank reconciliation as at July 31. If errors in recording deposits or cheq are discovered, assume that the errors were made by the company except for t on the note. Assume that all deposits are from cash sales. All cheques are w miscellaneous items, which represent a $4,000 note and the 5160 of interest collected to satisfy accounts payable. 2 Journalize the necessary entries. The accounts have not been closed. 4. Assume that a cancelled cheque for $125 has been incorrectly recorded by the bal 3. What is the amount of Cash that should appear on the balance sheet as at July 3 as $1,250. Briefly explain how the error would be included in a bank reconci and how it should be corrected. The Green Box Company has just received its September bank statement from Example Bank. You gather the following information to prepare the September 30, 2015, b reconciliation. SEPTEMBER BANK STATEMENT EXAMPLE BANK Statement of Account 7531-3437568 DESCRIPTION Business Account Type Statement From-To Sept 01/15-Sept 30/15 DATE WITHDRAWALS DEPOSITS BALANCE BALANCE FORWARD AUG 31 5,391.43 No. 257 SEPT 03 406.40 4,985 00 No. 261 SEPT 03 31.73 4,963.30 No. 262 SEPT 03 191.30 4,762.00 Deposit SEPT 03 351.25 5,113.25 No. 256 SEPT 05 88.73 5,024.52 Deposit SEPT 10 739.43 5,763.96 No. 242 SEPT 11 130.23 5,633.72 No. 259 SEPT 11 90.20 5,543.52 No. 258 SEPT 17 234.53 5,308.99 No. 265 SEPT 17 111.25 5,197.74 NSF SEPT 17 335.95 4,861.79 Deposit SEPT 17 788.92 5,650.71 No. 263 SEPT 20 38.44 5,612.27 No. 267 SEPT 20 3,805.30 1,806 97 No. 268 SEPT 20 34.53 1,772.44 2.383.03 Deposit SEPT 24 610.59 No. 239 SEPT 28 131.39 2.251.64 Service Charge SEPT 28 30.00 2.221.64 5,659.98 2,490.19