Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please complete the bank reconcilation and journal entries!! Lab 17 Instructions BANK RECONCILIATION AND JOURNAL ENTRIES.- In the Bank Reconciliation Template, prepare a bank reconciliation

image text in transcribed please complete the bank reconcilation and journal entries!!
Lab 17 Instructions BANK RECONCILIATION AND JOURNAL ENTRIES.- In the Bank Reconciliation Template, prepare a bank reconciliation and complete the adjusting entries required. Then upload the completed template to the Lab 17 Upload Link. Use the following data that were accumulated for use in reconciling the bank account of Star Battles Restaurant for October 2020: a. The bank service charge is $70. b. The book balance is $6,100 at October 31, 2020. c. Outstanding checks total $1,300. d. An automatic EFT withdrawal was taken from the account to pay utilities in the amount of $2,700. e. A check from LukeCo for $3,500 was returned for nonsufficient funds. f. The bank received an EFT from Leah Corp and deposited $14,300 in the account. The EFT was from Leah Corp to pay rent. g. The bank balance at October 31, 2020 was $9,730. h. The bank collected a note in the amount of $1,500 deposited the cash in Vader's account at the bank but Vader has not yet entered the amount in the books. The total of $1,500 consists of $1,450 principle and $50 interest. i. A deposit of $7,200 is in transit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions