Question
eBook Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Four Star Entertainment on March 31: The balance
eBook
Bank Reconciliation
The following information is available to assist you in preparing a bank reconciliation for Four Star Entertainment on March 31:
- The balance on the March 31 bank statement is $6,506.10.
- Not included on the bank statement is a $423 deposit made by Four Star late on March 31.
- A comparison between the canceled checks listed on the bank statement and the company records indicated that the following checks are outstanding at March 31:
No. 112 $42.92 No. 117 307.00 No. 120 10.58 No. 122 74.88 - The bank acts as a collection agency for checks returned for insufficient funds. The March bank statement indicates that one such check in the amount of $45.00 was collected and deposited and a collection fee of $3.48 was charged.
- Interest earned on the checking account and added to Four Star account during March was $4.30. Miscellaneous bank service charges amounted to $22.
- A comparison between the deposits listed on the bank statement and the company's books revealed that a customer's check in the amount of $1,250 appears on the bank statement in March but was never added to the customer's account on the company's books.
- The comparison of checks cleared per the bank statement with those per the books revealed that the wrong amount was charged to the company's account for a check. The amount of the check was $990. The proof machine encoded the check in the amount of $909, the amount charged against the company's account.
Required:
Enter all amounts rounded to the nearest cent.
1. Determine the balance on the books before any adjustments as well as the corrected balance to be reported on the balance sheet.
Balance per bank statement, March 31 | $fill in the blank 673b5cfed039078_1 | ||
Add: Bank errorAdd: Customer check collectedAdd: Deposit in transitAdd: Outstanding checksAdd: Deposit in transit | Add: Deposit in transit | ||
Deduct: | |||
Bank service charges:Collection fee:NSF check:Outstanding checks:Outstanding checks: | |||
No. 112 | $fill in the blank 673b5cfed039078_5 | ||
No. 117 | fill in the blank 673b5cfed039078_6 | ||
No. 120 | fill in the blank 673b5cfed039078_7 | ||
No. 122 | fill in the blank 673b5cfed039078_8 | $fill in the blank 673b5cfed039078_9 | |
Bank errorBank service chargesCollection feeCustomer check collectedDeposit in transitCustomer check collected | Customer check collected | Customer check collected | |
Adjusted balance, March 31 | $fill in the blank 673b5cfed039078_13 | ||
Balance per books, March 31 | $fill in the blank 673b5cfed039078_14 | ||
Add: Bank errorAdd: Customer check collectedAdd: Deposit in transitAdd: Outstanding checksAdd: Customer check collected | $Add: Customer check collected | ||
Add: Bank service chargesAdd: Collection feeAdd: Interest earned on accountAdd: Outstanding checksAdd: Collection fee | Add: Collection fee | ||
Add: Bank errorAdd: Bank service chargesAdd: Customer check not recordedAdd: Deposit in transitAdd: Bank service charges | Add: Bank service charges | Add: Bank service charges | |
Deduct: Collection feeDeduct: Customer check collectedDeduct: Deposit in transitDeduct: Interest earned on accountDeduct: Interest earned on account | $Deduct: Interest earned on account | ||
Deduct: Bank service chargesDeduct: Customer check collectedDeduct: Customer check not recordedDeduct: Deposit in transitDeduct: Customer check collected | Deduct: Customer check collected | Deduct: Customer check collected | |
Adjusted balance, March 31 | $fill in the blank 673b5cfed039078_27 |
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