Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Coco Mining Company's books show a cash balance at the National Bank on October 31, 2020, of $20,502. The bank statement covering the month of
Coco Mining Company's books show a cash balance at the National Bank on October 31, 2020, of $20,502. The bank statement covering the month of October shows an ending balance of $22,190. An examination of Coco's accounting records and October bank statement identified the following reconciling items. 1. A deposit of $3,680 that October mailed October 30 does not appear on the bank statement. 2. Checks written in October but not charged to the October bank statement are: Check #8327 $150 #8348 $4,820 #8349 $31 3. Coco has not yet recorded the $600 of interest collected by the bank October 20 on Sequoia Co. bonds held by the bank for Coco. 4. Bank service charges of $18 are not yet recorded on Coco's books. 5. The bank returned one of Coco's customer's checks for $220 with the bank statement, marked "NSF." The bank treated this bad check as a disbursement. 6. Coco discovered that it incorrectly recorded check #8322, written in October for $131 in payment of an account payable, as $311. 7. A check for Cool Oil Co. in the amount of $175 that the bank incorrectly charged to Coco accompanied the statement. Prepare a bank reconciliation using both balance per book and balance per bank statement. Show all your work for partial credits in your uploaded file
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started