PRACTICE EXERCISE 9 From the following information, prepare a bank reconciliation statement for the Asian Book Store on February 28, 20. Follow these steps carefully: Compare the outstanding deposit and the outstanding cheques shown on the January 31 reconciliation statement (Figure 9.20a) with the deposits and cheques on the bank statement, they are no longer standing. Therefore, Tisted on the February bank water (Frue 920b). If these items write a check mark side each of these is on the bank statem 'The OPTER Asian Book Store Bank Reconciliation January 31, 20- 31 25 3166000 1000 60D 10230 Pigare 3.20 Bank Reconciliation for January Bank Statement (February Cheques Deposits Date Feb1 2 2 3,250 1.940 1.660 1.580 926 1.560 3.500 89 91 123 3.300 84 155 7 8 11 12 12 13 17 22 22 22 23 26 Balance 1,584 4,834 2,894 1,234 2,814 1,888 6,448 2.948 2.859 2,768 2,645 5,945 5,861 5,706 13,206 16,206 15,845 13.095 10,595 14,845 10,935 10,268 10,245 9.995 7.500 5,000 361 2.750 MTG 2,500 4.250 28 28 28 3,910 667 S/C 23 NSF 250 Figure 9.20 Bank Statement for February The Supreme Said 167 CHAPTER Cash Payments Journal Cash Receipts Journal Date Deposits Feb. 3 1,580 7 4,560 12 17 7,500 22 3,000 26 4,250 28 3.550. 27,740 Date Feb. 2 5 5 6 7 11 11 17 20 23 23 23 27 27 28 Chye 233 234 235 236 237 238 239 240 241 242 243 Mortgage 244 245 246 Amount 926 89 3,500 91 123 84 155 2.750 361 3,910 667 2,500 1.740 1,000 2.050 19.9416 3300 Figure 9.20 Cash Receipts Journal Figure 9.200 Cash Payments Journal Check the February deposits in the Cash Receipts Journal (Figure 9.20) against the deposits listed on the bank statement. Write "O/S" beside any deposit in the journal that does not appear on the bank statement. These are the outstanding deposits that will be shown on this month's bank reconciliation Check the February entries in the Cash Payments Journal (Figure 9.20d) against the cheques listed on the bank statement. Write "O/S" beside any payment in the journal that does not have a corresponding amount on the bank statement. These are the outstanding cheques to be shown on this month's bank reconciliation The balance in the Bank account on the books at the end of January was $1,234. Use this amount and the totals of the Cash Receipts and Cash Payments Journals to calculate the balance in the Bank account at the end of February The following items were noted on the bank statement at the end of February but have not yet been recorded on the books: (a) monthly service charges, $23. (b) NSF cheque from H. Potter, $250. Finally, record the General Journal entries for the items not yet recorded on the books. necessary General Journal entries to record those items from the reconciliation that have not yet been recorded on the books. PRACTICE EXERCISE 9 From the following information, prepare a bank reconciliation statement for the Asian Book Store on February 28, 20- Follow these steps carefully: Compare the outstanding deposit and the outstanding cheques shown on the January 31 reconciliation statement (Figure 9.20a) with the deposits and cheques listed on the February bank statement (Figure 9.205) If these items on the bank statement, they are no longer outstanding. Therefore your 166 CHAPTER write a check mark beside each of these amounts on the bank statement Asian Book Store Bank Reconciliation January 31, 20 $ 10 41854 Datinding Deposit CKO e Ordine Cheques 31 60 191410 00 3GOO 51 230 2232 Aduated Balance Pure 9.20 Bank Reconciliation for January Bank Statement (February) Cheques Deposits 3,250 1.9.40 1.660 1.580 926 4.560 3.500 91 123 3,300 Date Feb. 1 2 2 2 3 3 7 7 7 8 11 12 12 13 17 22 22 22 23 26 27 28 28 28 Balance 1,584 4,834 2,894 1,234 2,814 1,888 6,448 2.948 2.859 2,768 2,645 5.945 5,861 5,706 13,206 16,206 15,845 13,095 10.595 14,845 10,935 10,268 10,245 9.995 84 155 7,500 3,000 361 2.750 MTG 2,500 4.250 3,910 667 SIC 23 NSF 250 Figure 9.20b Bank Statement for February CHAPTER 162 Cash Payments Journal CE Cha 233 Cash Receipts Joumal Date Feb. 3 Date Feb. 2 5 5 6 7 11 IL 17 20 23 23 23 27 27 28 234 235 236 237 238 239 240 241 242 243 Mortgage 244 245 246 Deposits 1.580 4,560 3.300 7.500 3.000 4,250 3,550 27.740 Amount 9:26 99 3.500 91 123 84 155 2,750 361 3.910 667 2.500 1,740 1,000 2.050 19.9446 21 12 17 22 26 28 Figure 9.20 Cash Receipts Journal Figure 9.200 Cash Payments Journal Check the February deposits in the Cash Receipts Journal (Figure 9.20c) against the deposits listed on the bank statement. Write "O/S" beside any deposit in the journal that does not appear on the bank statement. These are the outstanding deposits that will be shown on this month's bank reconciliation Check the February entries in the Cash Payments Journal (Figure 9.20d) against the cheques listed on the bank statement. Write "O/S" beside any payment in the journal that does not have a corresponding amount on the bank statement. These are the outstanding cheques to be shown on this month's bank reconciliation The balance in the Bank account on the books at the end of January was $1,234. Use this amount and the totals of the Cash Receipts and Cash Payments Journals to calculate the balance in the Bank account at the end of February The following items were noted on the bank statement at the end of February but have not yet been recorded on the books: ( @monthly service charges, $23. (b) NSF cheque from H. Porter, $250. Finally, record the General Journal entries for the items not yet recorded on the books PRACTICE EXERCISE 9 From the following information, prepare a bank reconciliation statement for the Asian Book Store on February 28, 20. Follow these steps carefully: Compare the outstanding deposit and the outstanding cheques shown on the January 31 reconciliation statement (Figure 9.20a) with the deposits and cheques on the bank statement, they are no longer standing. Therefore, Tisted on the February bank water (Frue 920b). If these items write a check mark side each of these is on the bank statem 'The OPTER Asian Book Store Bank Reconciliation January 31, 20- 31 25 3166000 1000 60D 10230 Pigare 3.20 Bank Reconciliation for January Bank Statement (February Cheques Deposits Date Feb1 2 2 3,250 1.940 1.660 1.580 926 1.560 3.500 89 91 123 3.300 84 155 7 8 11 12 12 13 17 22 22 22 23 26 Balance 1,584 4,834 2,894 1,234 2,814 1,888 6,448 2.948 2.859 2,768 2,645 5,945 5,861 5,706 13,206 16,206 15,845 13.095 10,595 14,845 10,935 10,268 10,245 9.995 7.500 5,000 361 2.750 MTG 2,500 4.250 28 28 28 3,910 667 S/C 23 NSF 250 Figure 9.20 Bank Statement for February The Supreme Said 167 CHAPTER Cash Payments Journal Cash Receipts Journal Date Deposits Feb. 3 1,580 7 4,560 12 17 7,500 22 3,000 26 4,250 28 3.550. 27,740 Date Feb. 2 5 5 6 7 11 11 17 20 23 23 23 27 27 28 Chye 233 234 235 236 237 238 239 240 241 242 243 Mortgage 244 245 246 Amount 926 89 3,500 91 123 84 155 2.750 361 3,910 667 2,500 1.740 1,000 2.050 19.9416 3300 Figure 9.20 Cash Receipts Journal Figure 9.200 Cash Payments Journal Check the February deposits in the Cash Receipts Journal (Figure 9.20) against the deposits listed on the bank statement. Write "O/S" beside any deposit in the journal that does not appear on the bank statement. These are the outstanding deposits that will be shown on this month's bank reconciliation Check the February entries in the Cash Payments Journal (Figure 9.20d) against the cheques listed on the bank statement. Write "O/S" beside any payment in the journal that does not have a corresponding amount on the bank statement. These are the outstanding cheques to be shown on this month's bank reconciliation The balance in the Bank account on the books at the end of January was $1,234. Use this amount and the totals of the Cash Receipts and Cash Payments Journals to calculate the balance in the Bank account at the end of February The following items were noted on the bank statement at the end of February but have not yet been recorded on the books: (a) monthly service charges, $23. (b) NSF cheque from H. Potter, $250. Finally, record the General Journal entries for the items not yet recorded on the books. necessary General Journal entries to record those items from the reconciliation that have not yet been recorded on the books. PRACTICE EXERCISE 9 From the following information, prepare a bank reconciliation statement for the Asian Book Store on February 28, 20- Follow these steps carefully: Compare the outstanding deposit and the outstanding cheques shown on the January 31 reconciliation statement (Figure 9.20a) with the deposits and cheques listed on the February bank statement (Figure 9.205) If these items on the bank statement, they are no longer outstanding. Therefore your 166 CHAPTER write a check mark beside each of these amounts on the bank statement Asian Book Store Bank Reconciliation January 31, 20 $ 10 41854 Datinding Deposit CKO e Ordine Cheques 31 60 191410 00 3GOO 51 230 2232 Aduated Balance Pure 9.20 Bank Reconciliation for January Bank Statement (February) Cheques Deposits 3,250 1.9.40 1.660 1.580 926 4.560 3.500 91 123 3,300 Date Feb. 1 2 2 2 3 3 7 7 7 8 11 12 12 13 17 22 22 22 23 26 27 28 28 28 Balance 1,584 4,834 2,894 1,234 2,814 1,888 6,448 2.948 2.859 2,768 2,645 5.945 5,861 5,706 13,206 16,206 15,845 13,095 10.595 14,845 10,935 10,268 10,245 9.995 84 155 7,500 3,000 361 2.750 MTG 2,500 4.250 3,910 667 SIC 23 NSF 250 Figure 9.20b Bank Statement for February CHAPTER 162 Cash Payments Journal CE Cha 233 Cash Receipts Joumal Date Feb. 3 Date Feb. 2 5 5 6 7 11 IL 17 20 23 23 23 27 27 28 234 235 236 237 238 239 240 241 242 243 Mortgage 244 245 246 Deposits 1.580 4,560 3.300 7.500 3.000 4,250 3,550 27.740 Amount 9:26 99 3.500 91 123 84 155 2,750 361 3.910 667 2.500 1,740 1,000 2.050 19.9446 21 12 17 22 26 28 Figure 9.20 Cash Receipts Journal Figure 9.200 Cash Payments Journal Check the February deposits in the Cash Receipts Journal (Figure 9.20c) against the deposits listed on the bank statement. Write "O/S" beside any deposit in the journal that does not appear on the bank statement. These are the outstanding deposits that will be shown on this month's bank reconciliation Check the February entries in the Cash Payments Journal (Figure 9.20d) against the cheques listed on the bank statement. Write "O/S" beside any payment in the journal that does not have a corresponding amount on the bank statement. These are the outstanding cheques to be shown on this month's bank reconciliation The balance in the Bank account on the books at the end of January was $1,234. Use this amount and the totals of the Cash Receipts and Cash Payments Journals to calculate the balance in the Bank account at the end of February The following items were noted on the bank statement at the end of February but have not yet been recorded on the books: ( @monthly service charges, $23. (b) NSF cheque from H. Porter, $250. Finally, record the General Journal entries for the items not yet recorded on the books