Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following bank reconciliation, general ledger, and bank statement for CM Coffee CM Coffee Bank Reconciliation November 30, 2021 Cash balance per bank statement

image text in transcribed
image text in transcribed
image text in transcribed
Consider the following bank reconciliation, general ledger, and bank statement for CM Coffee CM Coffee Bank Reconciliation November 30, 2021 Cash balance per bank statement 4,170 Cash balance per books 5,382 Add Add Outstanding deposit 1,280 Interest earned 18 Deduct Deduct outstanding cheques NSF cheque 440 Cheque #63 930 NSF service charge 20 Cheque #64 590|1,520 EFT - Rent 1980 Bank service charge 30 1,470 Adjusted bank balance 3,930 Adjusted book balance 3,930 Account: Cash GL. No. 101 Date Explanation DR CR Balance Dec 1 Opening balance 3,930 DR Dec 9 Cheque #65 940 2,990 DR Dec 12 Deposit 820 3,810 DR Dec 16 Cheque #66 480 3,330 DR Dec 28 Deposit 2,080 5,410 DR Dec 28 Cheque #67 1,100 4,310 DR Bank Statement Date Explanation Withdrawal Deposit Balance Dec 1 Opening balance 4,170 Dec 2 Deposit 1,280 5,450 Dec 3 Cheque #64 590 4,860 Dec 9 Cheque #65 940 3,920 Dec 12 Deposit 820 4,740 Dec 16 Cheque #66 480 4,260 Dec 25 EFT - monthly rent expense 980 3,280 Dec 27 Deposit 2,080 5,360 Dec 31 Service charges 5,330 Dec 31 Interest on bank account 23 5,353 30 Additional Information The deposit from Dec 27. contains a cheque from the customer who provided an NSF cheque from the month before. The customer paid the original amount of $440, plus the $20 charge Required Using last month's bank reconciliation, bank statement and general ledger provided, prepare a bank reconciliation for CM Coffee for December 31, 2021 Do not enter dollar signs or commas in the peut boxes Do not use the negative sign CM Coffee Bank Reconciliation December 31, 2021 Cash balance per bank statement Cash balance per books Add Interest on bank account Deduct outstanding cheques Deduct Cheque #63 EET - Rent Cheque #67 Bank service charge Adjusted bank balance Adjusted book balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Managerial Accounting

Authors: Morse Hartgraves

8th Edition

1618532359, 9781618532350

More Books

Students also viewed these Accounting questions

Question

6.3 Explain the importance of application forms.

Answered: 1 week ago