Problem 7-9A Preparing a bank reconciliation and recording adjustments LO6 Stewart Recording Studio, owned by Ron Stewart, showed the following bank reconciliation at March 31: $31.505 BEArt Recording studio Bank Reconciliation March 31, 2020 Bank statement balance $22,500 Book balance Add: Deposit of March ai in transit 10.100 $32, 680 Deduct: Outstanding chequest 014 $852 #22 323 1,175 Adjunted bank balance $31,505 Adjunted book balance $31,505 Acct. No. 101 Balance Credit Canh Date Explanation PR Debit 2020 March 31 Balance April 30 CR17 72, 728 30 13 31,505 104,233 9.749 94, 484 A list of deposits made and cheques written during April, taken from the Cash Receipts Journal and Cash Disbursements Journal, is shown below Deposito Made April 7 13 18 23 27 30 Total april Cash Receipts $ 702 4.680 6,004 14.144 1.702 45, 416 $72,720 Cheques written 5. 5,292 No. 23 2 of 27 Saved A list of deposits made and cheques written during April, taken from the Cash Receipts Journal and Cash Disbursements Journalis shown below Deposit Made April 7 13 18 23 27 30 Total April Can Receipta s 702 4.680 6,004 14,144 1,782 45, 416 $72,728 Cheques Written No. 23 24 25 26 27 28 29 30 31 32 Total April Cash Disbursements $ 5,292 3, 206 956 322 4.394 4,900 20,382 42,760 428 11,344 594, 484 The following bank statement is available for April Bank Statement Deposita credits Tot want Recording Studio cheque/charges 131 04/03 420 06/07 5.400 126 06/1 322 NE 04/18 14,741 124 04/23 3206 12 5.93 129 04/30 20:32 PUT 04/10 1,500 THE 04/30 462 0730 Burent 30 Boyce 04/03 04/07 04/13 041 04/23 04/02 04700 102 100 902 4,600 52004 14,144 1.53 224.000 April 30, 2020 Bank of Canada Balance 22.500 32,252 20,554 27.12 19.1 30,106 26,590 100,214 113700 113,05 112 THEO WAT PAYnt In reviewing cheques returned by the bank, the bookkeeper discovered that cheque #28, for delivery expense, was recorded in the Cash Disbursements Journal correctly as $4,900 The NSF cheque for $14.748 was that of customer Oprah Winney, deposited in March . On the bank statement, the payment for $16,508 is regarding a note payable. There is also a deposit of $124.000 dated April 30. It is an investment made by the owner into the business (the bank transferred the funds electronically from the owner's personal account to his business account, which is why it was not recorded in the Cash Receipts Journal) Required: a. Prepare a bank reconciliation for Stewart Recording Studio at April 30. STEWART RECORDING STUDIO Bank Reconciliation April 30, 2020 Bank Statement Company's Books Bank statement balance Add: Book balance Add: 0 Deduct: 0 Deduct: Outstanding cheques 0 0 Adjusted bank balance Adjusted book balance b. Prepare the necessary journal entries to bring the General Ledger Cash account into agreement with the adjusted balance on the bank reconciliation View transaction Est Journal entry worksheet