Question
Hi Chegg please provide a step by step solution B ank reconciliation for Norman Construction Co. using the following bank statement and G/L report of
Hi Chegg please provide a step by step solution
Bank reconciliation for Norman Construction Co. using the following bank statement and G/L report of the Cash account once
completed the reconciliation, record the required journal entries, using the date on the bank statement. Assume:
- Any number errors were made by the bank (ie - the G/L amounts are always correct)
- There were no reconciling items in March, 2020.
| BANK STATEMENT April 1 30, 2020 | ||||
| Date | Description | Withdrawal | Deposit | Balance |
| Apr 1 | Opening Balance |
|
| $8400 |
| Apr 2 | EFT Rent Payment | 1200 |
| 7200 |
| Apr 3 | Cheque 805 | 4600 | 2600 | |
| Apr 9 | Cheque 806 | 550 | 2050 | |
| Apr 16 | Cheque 1150 |
| 2400 | 4450 |
| Apr 20 | Cheque 2360 | 850 | 5300 | |
| Apr 21 | NSF Cheque 1150 | 2400 |
| 2900 |
| Apr 21 | NSF Fee | 40 |
| 2860 |
| Apr 30 | Interest |
| 15 | 2875 |
| Apr 30 | Monthly Account Fee | 50 |
| 2825 |
| ACCOUNT: CASH G/L Acct #: 100 | |||||
| Date | Description | DR | CR | Balance | |
| Apr 1 | Opening Balance |
|
| 8400 | DR |
| Apr 2 | Cheque 805 | 4600 | 3800 | DR | |
| Apr 7 | Cheque 806 |
| 505 | 3295 | DR |
| Apr 13 | Cheque 1150 | 2400 |
| 5695 | DR |
| Apr 19 | Cheque 2360 | 850 |
| 6545 | DR |
| Apr 26 | Cheque 807 |
| 645 | 5900 | DR |
| ledger | Bank | |
| 2020 | Account/Description | PR | Debit | Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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