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Please prepare a bank reconciliation (provided) and use the T-accounts (provided) to record the necessary adjustments resulting from the bank reconciliation above. AutoSave OIF DEFA
Please prepare a bank reconciliation (provided) and use the T-accounts (provided) to record the necessary adjustments resulting from the bank reconciliation above.
AutoSave OIF DEFA US llee - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Share Comments Times New... v v 10 A AL ABC DE ABCE Aalth cd Bb DDEC MADE AX Aa B ! | 4) x x AnBbceDEE Heading 2 A. AaBi Aalb Celal Hoding 3 Hesding 1 4 Pasic = = = Hacing 1 Heading 5 Heading Hearina : Heading 8 Styles Pane Deposits . Problem 2 Great Pumpkin, Inc. (GPT) needs to prepare a bank reconciliation for October. The information from GPT's bank statement and sh account has heen summarized below. Bank Statement Cash Account Records Balance 10/1/20 S 67,500 Cash Balunce 10/1/20 S 69,5101 353,300 Checks Clcared (257,600) Checks Roccived 352,931 NSF Checks (1,580) Debit Memos (2,595) Checks Written (260,407) Interest 52 Balance 10/31/20 $ 159,077 Cash Balance 10/31/20 S 162.034 In addition to the summarics above, a review of the hank statement and cash account reveals the following: There were two reconciling items at the end of September-a deposit-in-transit for S2,885 (it is included on the October bank statement) and an outstanding check #13303 for $875. All checks were written for the correct amount during the period (.e. GPI is correct if there is a difference), All checks received on this account relate to collection of accounts receivable and are deposited upon receipt. Bank statement deposits include a credit merno for collection of a $1,684 account (customer sent payment directly to the bank). A $4,200 deposit on October 31" is on the books but does not appear on the bank statement Debit Memos on the bank statement relate to a service charge for new checks ($175) and payment on a Note Payable ($2,200 principal & $220 interest). The difference between checks written in October and checks cleared by the bank relates to six checks: o Chock #13303 for $875 is included on the October bank statement. Checks 13363 for $1,875, 113362 for $362, 13348 for $1,042 and 13356 for $221 are not on the bank statement, o Check #13332 for the purchase of equipment is on the bank statement for $575 and on the books for $757. Use the information above to complete the bank reconciliation below: Balancc per Bank Balance per Books Add Add Subtruct Subtract Page 2 of 2 561 words English (United States) T Focus E + 142% AutoSave OIF DEFA Us jee - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Share Comments Aalth cd Bb DDEC MADE Pastc Headings Hacing 2 Heading 8 Styles Pane Times New... v v 10 AX Aa A 21 Bb C DE ABCDE A. AaB AalbCode AaBb Cake B ! | v 4 8, x" ) == Hearina 1 Heading 2 Hoding 3 Hiscina 1 Heading 5 Debit Memos on the bank statement relate to a service charge for new checks ($175) and payment on a Note Payable ($2,200 principal & $220 interest). The difference bel ween checks written in October and checks cleared by the hank relales to six checks: o Check #13303 for $875 is included on the October bank statement, o Checks #13363 for $1,875, #13362 for $362, #13348 for $1,042 and #13356 for $221 are not on the bank statenicnt. o Check #13332 for the purchase of equipment is on the bank statement for $S75 and on the books for $757. Use the information above to complete the bank reconciliation below: | Balance per Bank Balance per loks Add Add Subtract Suhtract Adiusted Cusb Balance Adiusted Cush Bulunce Use the T-accounts below to record the necessary adjustments resulting from the bank reconciliation above. Cash 2 Page 2 of 2 561 words English (United States) 17 Focus + 142%Step by Step Solution
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