Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On March 3 1 st of the current year, ABC Company had a cash balance of $ 1 4 , 3 4 4 according to

On March 31 st of the current year, ABC Company had a cash balance of $14,344 according to the cash ledger.
The March 31 st bank statement showed a balance of $14,200. Prepare a bank reconciliation and the necessary
journal entries for March 31 st.
a) The company wrote a check for $67 for a payment on an account and accidentally recorded it as $70.
b) The bank collected $1,203 on a note on the behalf of the company. The principle on the note was $1,190.
c) The company had $1,100 in outstanding checks.
d) The bank statement revealed that a $500 check previously deposited w as denied due to insufficient funds
e) The company deposited a check for $1,000, but the bank deposited it for $100.
f) The bank charged the company a $50 service fee.
g) $1,000 of deposits were made too late in the day on March 31 st to appear on the bank statement.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Financial Accounting A Guide For Non-specialists

Authors: Jimmy Winfield, Mark Graham, Taryn Miller

1st Edition

0198847270, 9780198847274

More Books

Students also viewed these Accounting questions