Question
Dinner Food Store developed the following information in recording its bank statement for the month of May. Balance per books March 31 $ 2,905
Dinner Food Store developed the following information in recording its bank statement for the month of May. Balance per books March 31 $ 2,905 $10,900 Balance per bank statement March 31 (1) Checks written in May but still outstanding $9,800. (2) Deposits of May 30 and 31 not yet recorded by bank $5,200. (3) NSF check of customer returned by bank $1,200. (4) Check No. 210 for $594 was correctly issued and paid by bank but incorrectly entered in the company cash payments journal as payment on account for $549. (5) Bank service charge for May was $50. (6) A payment on account was incorrectly entered in the cash payments journal and posted to the account payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared the bank in May. (7) The bank collected a note receivable for the company for $4,000 plus $150 interest revenue. Instructions 1. Prepare a bank reconciliation at May 31. marks) 2. Record all the required correcting entries. (10 (5 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started