Need some help with this question! I only need you to fill out the bank reconciliation numbers & explain a bit because that is what I am confused by. I got all the account names done I believe. Thanks!

Print by: EMILY BREAULT Principles of Financial Accounting 1 / Assignment #2 *Problem 7-6A The bank portion of last month's bank reconciliation for Yap Ltd. at February 28 was as follows: YAP LTD. Bank Reconciliation February 28 Cash balance per bank $14,368 Add: Deposits in transit 2,530 16,898 Less: Outstanding cheques #3451 $2,260 #3470 1,535 3,795 $13,103 Adjusted cash balance The adjusted cash balance per bank agreed with the cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following: YAP LTD. Bank Statement March 31 Date Description Feb. 28 1 Cheque, No. 3451 1 Deposit 2 Cheque, No. 3470 4 Deposit 9 Cheque, No. 3471 Amounts Added to Account (Credits) Opening balance Mar. Amounts Deducted from Account (Debits) Balance 14,368 2,260 12,108 2,530 1,535 14,638 13,103 1,221 14,324 1,427 12,897 550 12,347 40 12,307 10 Returned chequeNSF, R. Aubut 10 NSF fee 15 EFT, loan payment 1,062 11,245 19 Cheque, No. 3472 1,641 9,604 26 Deposit 31 EFT, collection on account from 2,567 12,171 230 12,401 M. Boudreault 31 Bank service charges 31 Debit and credit card fees 49 12,352 65 12,287 Yap's cash receipts and payments for the month of March showed the following: Cash Receipts Date Mar. Cash Payments Amount 4 $1,221 26 31 Date Mar. Number Amount 7 3471 $1,427 2,567 15 3472 1,461 1,025 29 3473 487 $4,813 $3,375 Additional information: 1. The EFT loan payment should have been recorded by the company on March 15, but this entry was missed. The payment included $62 of interest and a $1,000 payment on the loan principal. 2. The bank made an error processing cheque #3472. 3. The EFT collection was not previously recorded. 4. Bank service charges ($49) and debit and credit card fees ($65) were not previously recorded. Calculate the unadjusted cash balance per books at March 31, prior to reconciliation. Unadjusted balance March 31 $ What is the amount of the deposits in transit at March 31? Deposit in Transit $ What is the amount of the outstanding cheques at March 31? Outstanding cheques $ Prepare the bank reconciliation at March 31. YAP LTD. Bank Reconciliation March 31 Balance per bank statement Add $ : Deposits in transit $ Error in recording cheque #3472 Less : Outstanding cheques Adjusted cash balance $ Balance per books $ Add : EFT collection Less : Service charges $ NSF cheque and fee—Aubut EFT loan payment Adjusted cash balance $ Prepare any adjusting journal entries required from the reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 31 Cash Accounts Receivable (To record EFT collections) 31 Bank Charges Expense Cash (To record bank charges and fees) 31 Accounts Receivable Cash (To record NSF cheque and fee) 31 Bank Loan Payable Interest Expense Cash (To record EFT loan payment) Copyright 2000-2015 by John Wiley & Sons, Inc. or related companies. All rights reserved. Question Attempts: 0 of 3 used