Name Sheet 4 Bank Rec:

Use the information below to complete Requirements 1 & 2.

Lori Anders of Wilderness Associates is getting ready to prepare the October bank reconciliation. The cash balance on the books of Wilderness Associates on October 31 is $3,546. Lori reviews the bank statement, and notes the cash balance at October 31 of $2,445. The bank statement also reveals that the bank collected a note receivable on behalf of Wilderness Associates -- the principal was $1,500 and the interest was $15. One customers check for $29 was returned by the bank for insufficient funds. Two additional items on the bank statement were the monthly EFT for the utilities, $250, and the bank service fee of $12. Lori notes that the cash deposit made on October 31 of $3,300 does not appear on the statement, and that three checks totaling $975 had not cleared the bank account when the bank statement was prepared.

1) Complete the bank side of the bank reconciliation. All amounts must be properly labeled.

2) Complete the book side of the bank reconciliation. All amounts must be properly labeled.

Name Sheet 5 Adj Ent.: You will prepare adjusting entries from the bank reconciliation for Wilderness Associates for Oct. 31, 2019.

1) Enter the adjusting entries required by the bank reconciliation prepared on the Bank Rec sheet. Use formulas with cell references to the Bank Rec sheet for the debit and credit amount in the journal entries.

Transcribed image text