Hello All,
I am in need of assistance to question below. Thank you.
Lyleen Boat Company's bank statement for the month of September showed a balance per bank of $7,000. The company's Cash account in the general ledger had a balance of $5,459 at September 30 . Other information is as follows: (1) Cash receipts for September 30 recorded on the company's books were $5,700 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for $40 for check printing charges. (3) Check No. 119 payable to Mann Company was recorded in the cash payments journal and cleared the bank for $248. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of Mann Company and that the payment to them should have been for $284. (4) The total amount of checks still outstanding at September 30 amounted to $5,000. (5) Check No. 138 was correctly written and paid by the bank for $409. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $490. (6) The bank returned an NSF check from a customer for $360. (7) The bank included a credit memorandum for $2,560 which represents collection of a customer's note by the bank for the company; principal amount of the note was $2,500 and interest was $60. Interest has not been accrued. Prepare a bank reconciliation for Lyleen Boat Company at September 30 . (List items that increase balance as per bank \& books first.) LYLEEN BOAT COMPANY Bank Reconciliation At September 30 Cash Balance Per Bank \begin{tabular}{ll|l|} \hline Add & : Deposit in Transit & \\ \hline \end{tabular} Less : Outstanding Checks Adjusted Cash Balance Per Bank Cash Balance Per Books \begin{tabular}{|c|} \hline 5 \\ \hline 5000 \\ \hline 500 \\ \hline 5459 \\ \hline \end{tabular} Add : Accounts Payable Error $36 Collection of Note and Interest v \begin{tabular}{|r|} \hline 2560 \\ \hline \end{tabular} Less v : Check Printing 40 NSF Check v 4360 Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when thi
