Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Daryl Swan operates four video rental stores. She has just received the monthly bank statement at October 31, 2019 from Bank of Montreal, and the

image text in transcribed

Daryl Swan operates four video rental stores. She has just received the monthly bank statement at October 31, 2019 from Bank of Montreal, and the statement shows an ending balance of $4,180. Listed on the statement are an EFT rent collection by the bank for Swan of $150, a service charge of $15, four NSF cheques totalling $100, and a $20 charge for printed cheques. In reviewing her cash records, Swan identifies outstanding cheques totalling $306 and an October 31 deposit in transit of $1,002. During October she recorded a $315 cheque for the salary of a part-time employee as $31. Swan's Cash account shows an October 31 cash balance of $5,145. Required: 1. Prepare a bank reconciliation for Daryl Swan to determine how much cash Swan actually has at October 31, 2019? (8 marks) Daryl Swan Bank Reconciliation October 31, 2019 Bank Balance, October 31, 2019 Adjustments: Adjusted bank balance Book Balance, October 31, 2019 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_2

Step: 3

blur-text-image_3

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

Accounting At War The Politics Of Military Finance

Authors: Warwick Funnell, Michele Chwastiak

1st Edition

1138616737, 9781138616738

More Books

Students also viewed these Accounting questions

Question

Which of the following statements is the best definition of syntax?

Answered: 1 week ago

Question

6 What is the balanced scorecard method?

Answered: 1 week ago