NEED HELP ASAP
Can you please help me do a bank reconciliacion statement, if possible provide your work to see the reconciled balance. thanks
Template:
Western Bank Page 1 PO Box 12345 El Paso, Texas 12345-2345 Teddy's Bears & Balloons 123 Main Avenue El Paso, Texas 79945 WESTERN BANK STATEMENT Teddy's Bears & Balloons Balance, beginning Deposits and other credits Checks and other debits Balance on statement date 09/01/2021 September September 09/30/2021 SO $43,403 $24,638 $18,765 Deposits Added 9/2/2021 Deposit 1 $20,000 9/5/2021 Deposit 2 $5,000 9/20/2021 Deposit 3 $6,495 9/23/2021 Deposit 4 $4,330 9/28/2021 Deposit 5 $7,578 Wells Fargo Bank Statement - Checks Paid and other Debits 1001 $2,800 1007 $300 1002 $600 1008 $300 1003 $6,000 1009 $882 1004 $360 1010 $11,466 1005 $500 DM $30 Check Printing Fee 1006 $800 1011 $400 $200 NSF Check *Any errors should be assumed to be made by the bank. Requirements 1. Make sure you have corrected any errors on your journal and adjusting journal entries and have the correct balance for the cash account before starting the Bank Reconciliation. Please use the correct balance in the cash account to start on the book side of the reconciliation. 2. Bank Reconciliation: Using the cash balance per books and the bank statement, prepare a bank reconciliation. A template you can use to create a Bank reconciliation is located at the bottom of this page. 3. Record Bank Reconciliation Adjustments: After you have prepared the bank reconciliation you must make any adjusting journal entries to your cash account by entering them in the general journal of the practice set so that the general ledger cash account agrees with the bank reconciliation. Once you finish the Bank Reconciliation follow the instructions below: Step 1: Use the template below to create an Excel spreadsheet to show the reconciled balance using the Bank Statement and the correct ending balance in the cash account. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard. Step 3: Once you complete entering information print out your spreadsheet and turn it in. Template for Bank Reconciliation Western Bank Balance "Teddy's Bears and Balloons" Ending Cash Balance on Bank Statement Ending Cash Balance in T-Account Adjustments or Errors +/- Deposits in Transit Outstanding Checks Reconciled Balance Adjustments or Errors +/- Reconciled Balance D Western Bank Balance Balanc Ending Cash Balance on Bank Statement Deposits in Outstanding Checks Ndjustments or Emas/ econciled Balance "Teddy's Bears & Balloons Balance Ending Cash Balance in Account Adjustments or nors / econciled Balance of any malandriles need to be written add them here. add or needed Bon concilio Tema Transactions Date Deposit No. Check No. Description 1. 9/02/21 Ted Edwards met with his lawyer and CPA for advice on starting the business. They decided that Mr. Edwards would organize the business as a corporation. The lawyer told Mr. Edwards to register the company name, Teddy's Bears & Balloons, with the County of El Paso. In addition, Mr. Edwards will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the Comptroller of Public Accounts. The lawyer agreed to prepare the Articles of Incorporation to be filed with the Secretary of State of Texas. The CPA has agreed to help Mr. Edwards set up his accounting system. Mr. Edwards opened a business checking account at Wells Fargo western Bank Bank by depositing $20,000. The corporation issued him a stock certificate for 20,000 shares of common stock at $1 par value. Mr. Edwards signed a one-year rental agreement with RIA Realtors for store space. He was required to pay $2,800 for rent for the months of September 1, 2021 - December 31, 2021 Arranged for a general business liability insurance policy and paid $600 to State Farm Insurance. This premium is for six months coverage. 2 . 9/02/21 Deposit #1 3. 9/03/21 Ck #1001 4. 9/03/21 Ck #1002 5. 9/03/21 6. 9/05/21 Deposit #2 7. 9/05/21 Ck #1003 8. 9/06/21 Ck #1004 Purchased a new computer system that cost $4,800 from Office Mart for use in the business. Mr. Edwards signed a 6 month note, 12% installment note payable for the cost of the system. The computer system has an estimated useful life of 5 years and the residual (salvage) value is $600. This will be recorded as Computer Equipment, and depreciated using the Straight-Line Depreciation method accordingly. Only record the transaction at this time. Depreciation will be recorded as an adjusting entry. Signed a note payable to borrow $5,000 from Western Bank. Interest is 6% annually and the note is to be repaid with interest in six months. Only record the receipt of the note. Interest will be recorded as an adjusting journal entry. Purchased display shelves for $6,000 from Office Furniture Liquidators. The estimated service life of these assets is 10 years. The residual (salvage) value is $o. These items will be recorded as Office Fixtures and depreciated accordingly using the Straight-Line of Depreciation. Only record the purchase of the shelves. Depreciation will be an adjusting entry. Arranged for Eastside Movers to make the delivery and installation of the computer system and the shelves and paid the invoice of $360. Half of this charge should be added to the cost of the computer equipment purchased and depreciated on the same basis as the computer equipment and the other half to the display shelves. Paid $500 of office supplies using cash from Ace Office Supplies. Purchased $6,200 of merchandise inventory-bears from Betty's Bears on account. The invoice number was SG3040. The vendor extended credit terms of 2/15, n/30. Purchased $900 of merchandise inventory-balloons from Brenda's Balloons on account. The vendor extended credit terms which are 2/15 n/30. (The invoice number was GG2001.) Mr. Edwards received and paid the $800 charge from his lawyer for the work to set up the business. Teddy's Bears and Balloons is now open for business. Sales will be both retail and wholesale. Retail customers will purchase online and at the shop and will be charged an 8.25% sales tax. Mr. Edwards will allow major customers to charge their purchases on account. Ck #1005 9. 9/06/21 10. 9/08/21 11. 9/08/21 12. 9/13/21 Ck #1006 13. 9/14/21 14. 9/14/21 15. 9/14/21 16. 9/14/21 17, 9/16/21 Deposit #3 Sold merchandise that cost $2,000 to Pedro's Party Planners on account for $4,000. The cost of the bears $1,700, the cost of the balloons $300. $330 of sales tax was recorded. (Invoice number A1021) Purchased $300 of ribbon and other supplies from Floral Fantasy on account. Purchased additional bears from Betty's Bears on account, invoice number SG0610, for $5,500. Credit terms were 2/15, n/30. Recorded cash sales for the first five days of operation Sales totaled $6,000, sales tax collected $495. A total of $6,495 in cash was deposited in the bank. The cost of the merchandise sold was $4,200 (bears were $3,900; balloons $300). Received and paid the $300 invoice number A1021 for ribbon and supplies purchased on 9/14/2021. Mr. Edwards participated in a weekend arts/crafts fair at the mall. He felt that this was a good way to publicize his new business. Received payment in full from Pedro's Party Planners. The payment was deposited in the bank. The mall charged $300 for the use of their space for the fair. Mr. Edwards considers this an advertising expense. Mr. Edward paid the 18. 9/20/21 Ck #1007 19. 9/22/21 20. 9/23/21 Deposit #4 21. 9/23/21 Ck #1008 bill. 22. 9/23/21 23. 9/23/21 Ck #1009 Deposit #5 24. 9/23/21 25. 9/23/21 Ck #1010 Ck #1011 26. 9/25/21 27. 9/30/21 Ck #1012 Paid invoice number GG2001 from Brenda's Balloons. Cash sales for the month totaled $7,000. Sales tax on the sale is $578. The cost of the merchandise sold was $4,200 (bears $4,000 and balloons $200). Paid the balance to Betty's Bears. There are two invoices Paid $400 for fliers, posters and business cards. This is considered prepaid advertising. Received but did not pay the utility bill for the month, $120. Paid the first monthly installment on the computer equipment. The payment amount is $848. Of this amount, $48 is for interest and $800 is for principal. Make the check payable to Office Mart. Recorded cash sales for the last week of the month. Sales of $3,400 were deposited. The cost of the merchandise sold was $1,200 for the bears; and balloons were $50. Sales tax collected is $280. Paid all sales tax owed for September to the Comptroller of Public Accounts Declared and paid a cash dividend of $200 to Ted Edwards. 28. 9/30/21 Deposit #6 29. 9/30/21 Ck #1013 30. 9/30/21 Ck #1014 1 2 3 4 5 6 ***Type in your answers here and then use this spreadsheet to answer the questions in BB. Once you answer the questions in BB follow the instructions on how to upload the spreadsheet into Blackboard. Step 1: Write the journal entries in an Excel spreadsheet. Print out the spreadsheet when finished. Step 2: Use the Excel spreadsheet to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete answering the questions in Blackboard, then bring the template to class on the following Monday. Step 4: If you have 2 journal entries then just continue on the same line. 7 89mmBBbEngga 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 "Do not enter the information highlighted in yellow into BB. Some transactions will have more then one debitor credit so enter the smallest account first. Do not enter the Transaction # Dr Account # Dollar Amount of Account # Dollar Amount transaction #in BB. Use with or without gridlines, 1 NO JE 2 Dr 10000 $20,000.00 39003 $20,000.00 3 DE 14000 $28,000.00 10000 2,800.00 4 Dr 14100 $600.000 10000 $600.00 SI DI 15000 $4,800.00 21200 4,800.00 6 De 10000 $5,000.00 21100 $5,000.00 7 15100 $6,000.00 10000 6,000.00 8 Dr 15000 $180.00 Dr 15100 $180.00 Cr 10000 $360.00 9 Dr 13100 $500.00 or 10000 $500.00 10 Dr 12000 $6,076.00 or 20000 $6,076.00 11 DE 12100 $882.00 C 20000 $882.00 12 Dr $60,100.00 $800.00 10000 $800.00 13 NO JE 141 Dr 11000 $4,330.00 Gr 23300 $330.00 Cr 40000 $4,000.00 Dr 50000 $2,000.00 CF 12000 $1,700.000 12100 $300.00 1S| Dr 13200 $300.000 20000 $300.00 16 Dr 12000 $5,390.00 20000 $5,390.00 Cr 20000 $5,390.00 17| Dr 10000 $6,495.00 23300 $495.00 Cr 23300 $495.00 Cr 40000 $6,000.00 Dr 50000 $4,200.00 12000 $3,900.00 Cr 12100 $300.00 20000 $300.00 10000 $300.00 19 NO JE 20 Dr 10000 $4,330.00 11000 $4,330.00 21 DE 60500 $300.00 10000 $300.00 22 Dr 20000 $882.00 10000 $882.00 23 Dr 10000 $7,578.00 C 23300 $578.00 or 23300 $578.00 C 40000 $7,000.00 Dr 50000 $4,200.00 12000 $4,000.00 Cr 12100 $200.00 24 Dr 20000 $11,466.00 G 10000 $11.466.00 25 Dr 142001 $400.00 10000 $400.00 26 Dr 60550 $120.00 23400 $120.00 27 D 21200 $800.00 Dr 60700 $48.00 Cr 10000 $848.00 28 Dr 10000 $3,680.00 or 23300 $280.00 Cr 40000 $3,400.00 Dr 50000 $1,250.00 G 12000 $1,200.00 12100 $50.00 29 DE 23300 $1,683.00 C $1.683.00 30 DE 39007 $200.00 CE 100001 $200.00 18 Dr 10000 1 Template for the Adjusting Journal Entries Transaction *Do not enter the information highlighted in yellow into BB. Some transactions will have more then one debit or credit so enter the smallest account first. Do not enter the transaction # in BB. Use with or without gridlines. # a. b. 2 3 4 5 6 7 8 C d. e. f Account Dollar Account Dollar Dr Number Amount Cr Number Amount Dr 60150 $200.00 Cr 13100 $200.00 Dr 60200 $225.00 Cr 13200 $225.00 Dr 60500 $900.00 Cr 14200 $900.00 Dr 60350 $900.00 Cr 23100 $900.00 Dr 60675 $51.50 Cr 17100 $51.50 Dr 60650 $73.00 Cr 17000 $73.00 Dr 60300 $100.00 Cr 14100 $100.00 Dr 60600 $700.00 C 14000 $700.00 Dr 60700 $25.00 Cr 23200 $25.00 NO JE Total ######## $2,674.50 9 8. 10 h. 11 1. 12). 13 14 . D Teddy Bean Bloom werden Mary Balon 2 20 10 Der 11 Debt Credit SA110 BOBO 0 Deba 20.000 Credit Dedt 2.000 00 4 5 Debe Credit $11 AGOSTO 2.00 $3200 5.000 500.00 bon $360,00 Prepaid 30000 Office Supplies 1310 Det 500 520000 100 G S800.00 300 225 2.800 700 5641500 Reg 5350,00 S250 52.100.00 $4.310.00 882 ST. 57.00 1140 400 19 Prepaid in 14100 20 31 1680 $12.00 5200,00 DO Prepard Advertising 14200 Deb Credit 100 $200.00 Computer 25000 D Crec 54 54.900.00 $500.00 24 200 Accumulated Depe Camere Powe Futures & Shelves 1510 Debel 27 Dute Acuted Fixtures & Shelves 200 Dobil Dredit 53 2 71 Credit 512.01.2012 CARDO 23 56,16000 Note yale Western Bar Dut Notable Mart 21200 Deba SA 2000 $4,000.00 West 23200 De Cred Credit 5000 5.000 Wages 211 Deba Credit 59000 S900.00 525.00 Payable 24 Rating 2005 SABR 8599 Sales Tas Payable 2300 Det $10.00 ST EN Common och 2003 co $20,000.00 $20,000.00 31.20 DO $120.00 Dides 2002 Debe Credit ses 40000 Debit Cred 20 400.00 $20.400.00 COGS 50000 Debe Credit $1.000 $11.650.00 Les per 10300 Det Cred S. $800.00 $20000 One Sophies Les BOLS Duba Credit ce Expense $ bene Expen 000 Debit Credit 525.00 $225.00 Credit 50 50 5 Duhe $100.00 $100.00 Wape 30 Dubi Credit S. S800.00 $200 00 Credit Card 6000 Aderingen Utility Experime Gesso 99 Rent Cente 60 Gret 700.00 $700.00 D 0 550000 500.00 312.00 5120.00 57 Der Experte Computer Equipment GOGO Deprem Future Shelves LAST Hank Service OSO pen 0900 C 599.00 571.00 58 523 00 571.00 551 SO 01
