Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Flint Corporation has just received its August 31, 2020 bank statement, which is summarized as follows: Disbursements Receipts Provincial Bank of Manitoba Balance, August 1
Flint Corporation has just received its August 31, 2020 bank statement, which is summarized as follows: Disbursements Receipts Provincial Bank of Manitoba Balance, August 1 Balance $9.500 $33,400 42,900 1,260 44,160 Deposits during August Note collected for depositor, including $60 interest Cheques cleared during August Bank service charges Balance, August 31 $36,800 7,360 20 7,340 7,340 The general ledger Cash account contained the following entries for the month of August: Cash 10,550 Disbursements in August 38,054 Balance, August 1 Receipts during August 36,700 Deposits in transit at August 31 are $4,300, and cheques outstanding at August 31 total $1.550. Cash currently on hand at August 31 is $320 and there were postdated cheques from customers (for September 1) in the amount of $540. The bookkeeper improperly entered one cheque in the books at $142.50. The cheque was actually written for $168.50 for supplies (expense) and cleared the bank during the month of August. Prepare a bank reconciliation dated August 31, 2020, proceeding to a correct balance. (List items that increase balance as per bank & books first.) Flint Corporation Bank Reconciliation, August 31, 2020 Provincial Bank of Manitoba $ $ $ $ $
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