Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 30, 2021. Space Manufacturing Ltd. (SML.) received its bank statement from the Royal Bank. It stated that SML had a balance of 1.780

image text in transcribed
On November 30, 2021. Space Manufacturing Ltd. (SML.) received its bank statement from the Royal Bank. It stated that SML had a balance of 1.780 at November 30. The company's general ledger showed a cash balance of 81,897 at that date. A comparison of the bank statement and the accounting records revealed the following information Bank service charges for the month were $8 The company had written and mailed out cheques with a value of $290 that had not yet cleared the bank A chaque from one of SML's customers in the amount of $164 that had been deposited during the last week of November was returned with the bank statement as NSF A payment of S49 for monthly insurance expense was automatically deducted from SML's bank account on November 22. SML's bookkeeper had forgotten to record this transaction . During the month, the company's bookkeeper had recorded a cheque (#1810) paid for utilities as $115 rather than $151 (which was the amount written on the cheque and processed by the bank) The cash receipts for November 30 amounted to $150 and had been deposited in the night drop slot at the bank on the evening of November 30. These were not reflected on the bank statement for November REQUIRED Prepare the bank reconciliation for SML at November 30

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

Step: 3

blur-text-image

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

Business Intelligence For New-Generation ManagersCurrent Avenues Of Development

Authors: Jörg H. Mayer, Reiner Quick

6th Edition

3319156950, 9783319156958

More Books

Students also viewed these Accounting questions