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(1) Bank Reconciliation Statement

JOE'S ANTIQUES
Bank Reconciliation Statement
December 31, 20X1
Balance per book $	17878	Balance per bank $	25013
Add: Interest	26	Add: Deposit in transit (200 + 380 + 925)	1505
Add: Bank credit for proceeds collected	1500	Less: Outstanding checks
Less: Wire transfers	-1520	No. 140	-88
Less: Bank service charges	-14	No. 146	-8240
		No. 150	-320
Adjusted balance per books	17870	Adjusted balance per bank	17870

(2) Adjusting Journal Entries

Date	Account Title and Explanations	Debit	Credit
Dec 31, 20X1	Bank service charges	14
	Cash		14
	(To record bank service charges)
Dec 31, 20X1	Cash	26
	Interest revenue		26
	(To record interest credited by bank)
Dec 31, 20X1	Cash	1500
	Accounts receivable - Beijing Antique Shop		1500
	(To record proceeds collected by bank)
Dec 31, 20X1	Accounts payable	1520
	Cash		1520
	(To record wire transfers)

Instructor Homework Problem #2 (you are to submit the answers in Connect as part of your weekly homework assignment)

Use the information given below to prepare the bank reconciliation for Lennys Delicatessen for the month ended September 30, 20X1 which you will need to answer the 3 questions which follow. You may use the template which precedes Q1 to help you arrive at the appropriate answers.

The August 31, 20X1 bank reconciliation for Lennys Delicatessen showed the following:

Balance per bank		$11,345
Deposit in transit		980
Outstanding checks
#103	$ 68
#140	$ 88
#142	$125	( 281)
Adjusted balance at August 31, 20X1		$12,044

US Bank

Bank Statement for Lennys Delicatessen

	Running Balance
Balance on August 31, 20X1	$11,345
total deposits & credits	1,521
total checks & debits	(1,168)
Balance on September 30, 20X1	$11,698

increases				Decreases
date	amount	Description		Date	amount	check #/description
September 1	$980	Deposit		September 1	$ 88	140
				September 6	$194	146
				September 7	$ 65	145
September 12	$105	Deposit
				September 13	$ 68	103
				September 19	$400	148
				September 19	$230	147
				September 22	$ 95	149
September 30	$424	Deposit
September 30	$ 12	Interest		September 30	$ 28	Service charge
Total	$1,521				$1,168

Lennys Delicatessen Detailed Trial Balance

G/L account #100, Cash US Bank checking

Date run: September 1 September 30, 20X1

Debit	credit	running balance	Date	posting reference	Description
		12,044	9/1/X1		Beginning balance
	65	11,979	9/3/X1	CD	#145, Mikes Grocery
	194	11,785	9/3/X1	CD	#146, Beaver Tail Electric Co.
	230	11,555	9/3/X1	CD	#147, Sysco Foods
60		11,615	9/12/X1	CR	Joe Burger
45		11,660	9/12/X1	CR	Sally Salad
	400	11,260	9/17/X1	CD	#148, Chubb Insurance Co.
	95	11,165	9/17/X1	CD	#149, Waste Management
	323	10,842	9/28/X1	CD	#150, California Kitchens
	555	10,287	9/28/X1	CD	#151, Sysco Foods
424		10,711	9/29/X1	CR	Santa Luis High School
104		10,815	9/30/X1	CR	Jimmy Taco
65		10,880	9/30/X1	CR	Loretta Sandwich
		10,880	9/30/X1		Ending balance

Template (for you to complete if you so desire)

Balance per book	$	Balance per bank		$

1. What is the amount of outstanding checks which existed at September 30, 20X1 with respect to the Lennys Delicatessen September bank reconciliation?

A. $88 B. $878 C. $1,003 D. $1,862

2. What is the amount that should be shown as Cash on the September 30, 20X1 balance sheet of Lennys Delicatessen?

A. $10,989 B. $11,698 C. $10,864 D. $10,896

3. Which one of the following is correct (true) with respect to the bank reconciliation and/or AJE needed at September 30, 20X1 for Lennys Delicatessen? [hint: it might be beneficial to write down the AJE]

A. the AJE would include a net debit to cash

B. the AJE would include a credit to interest income

C. the AJE would include a credit to Bank Charges Expense

D. the AJE would include a debit for any deposits in transit

Homework Instructor Problem #3 (you are to submit the answers in Connect as part of your weekly homework assignment)

Use the information that follows related to the June 30, 20X1 bank reconciliation for Slims Health Club Inc. to answer questions 1 - 3.

1. A two-column bank reconciliation is normally prepared. What is the amount which will appear at the bottom of each column [i.e. the amount which should be reported as Cash on the financial statements at June 30, 20X1]?

A. $43,917 B. $43,527 C. $43,877 D. $42,474

2. What is the amount of the outstanding checks at June 30, 20X1?

A. $260 B. $470 C. $653 D. $547

3. Which one of the following will be included in the AJE needed at December 31, 20X1 upon completion of the bank reconciliation?

A. credit to cash for $25

B. debit to interest revenue for $50

C. debit to bank charges expense for $25

D. all of the above would be included in the December 31 AJE

Template (for you to complete if you so desire)

Balance per book	$	Balance per bank		$

The May 31, 20X1 bank reconciliation for Slims Health Club Inc. showed the following:

Balance per bank		$42,100
Deposit in transit		400
Outstanding checks
#483	$183
#485	$ 77	(260)
Adjusted balance at May 31, 20X1		$42,240

Bank of the West - Bank Statement for Slims Health Club Inc.

	Running Balance
Balance on May 31, 20X1	$42,100
total deposits & credits	2,350
total checks & debits	(1,976)
Balance on June 30, 20X1	$42,474

increases				decreases
date	amount	Description		Date	amount	check #/description
June 1	$ 400	Deposit
				June 2	$ 183	#483
				June 7	$1,250	#487
June 8	$1,900	Deposit
				June 9	$ 165	#486
				June 29	$ 148	#488
				June 30	$ 205	#490
June 30	$ 50	Interest		June 30	$ 25	Service charge
Total	$2,350				$1,976

Slims Health Club Inc. Detailed Trial Balance

G/L account #1000, Cash Wells Fargo checking

Date run: June 1 June 30, 20X1

debit	credit	running balance	Date	posting reference	Description
		42,240	6/1/X1	beg. balance
	165	42,075	6/4/X1	CD	#486, Centerpoint Energy
	1,250	40,825	6/4/X1	CD	#487, Atlas Company
1,500		42,325	6/8/X1	CR	Larson Inc.
400		42,275	6/8/X1	CR	Farmhouse Inc.
	148	42,577	6/21/X1	CD	#488, Jims Cleaning
	470	42,107	6/21/X1	CD	#489, Tahoe Inc.
	205	41,902	6/21/X1	CD	#490, Comcast
360		42,262	6/30/X1	CR	Alpha Company
1,240		43,502	6/30/X1	CR	Beta Company