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Pls answer part b Question 16 of 17 5/10 E View Policies Show Attempt History Current Attempt in Progress When Oriole Holdings Ltd. received its
Pls answer part b
Question 16 of 17 5/10 E View Policies Show Attempt History Current Attempt in Progress When Oriole Holdings Ltd. received its bank statement for the month of October, it showed that the company had a cash balance of $ 15,022 as at October 31. Oriole's general ledger showed a cash balance of $ 16,780 at that date A comparison of the bank statement and the accounting records revealed the following information 1. Bank service charges and debit and credit card processing fees for the month were $ 56. 2. A cheque in the amount of $ 508 from one of Oriole's customers that had been deposited during the last week of October was returned with the bank statement as "NSF. 3. Cheque #3421, which was a payment for utilities expenses, had been correctly written for $ 756 but had been incorrectly recorded in the general ledger as $ 600. 4. Oriole had written and mailed out cheques with a value of $ 2.336 that had not yet cleared the bank account 5. During the month, the bank collected a $ 1,760 note receivable plus the outstarts interest of $ 158 on behalf of Oriole. The interest had already been accrued by Oriole. 6. The cash receipts for October 31 amounted to $5,292 and had been deposited in the night deposit chute at the bank on the evening of October 31. These were not reflected on the bank statement for October. Prepare the bank reconciliation at October 31. (List items that increase balance as per bank & books first.) ORIOLE HOLDINGS LTD. Bank Reconciliation October 31 Cash balance per bank statement 15022 Add Deposits in transit 5292 20314 Less Outstanding cheques 2336 Reconciled cash balance per bank V $ 17978 Cash balance per books 16780 Add Note receivable collections $ 1760 Interest receivable collection on note 158 1918 18698 LES NSF cheque $ 508 Bank service charges 56 i Cheet3421 error 156 Bank service charges 56 i Cheque #3421 error 156 720 We Reconciled cash balance per books $ 17978 e Textbook and Media Assistance Used List of Accounts A Attempts: 1 of 3 used (b) Prepare any journal entries required from the reconciliation. (List all debit entries before credit entries. 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 O for the amounts.) Date Debit Credit Account Titles and Explanation Oct. 31 (To record EFT collections) 31 (b) Prepare any journal entries required from the reconciliation. (List all debit entries before credit entries 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 for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 31 (To record EFT collections) 31 ho (To record account receivable) 31 (To adjust cheque #3421) 31 56 56 (To record bank service charge) Assistance Used e Textbook and Media e TextbookStep by Step Solution
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