Question 1 [35 points] Consider the following information and prepare 31, 2015 bank reconciliation, along with any resulting journal entries, for Benson Inc. for the month ended August Please enter journal entries for each of the following, if required. Enter the corresponding number as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie 15/Jan). 1. Outstanding deposit 2. Interest earned 3. NSF cheque 4. Bank service charge 5. Error 6. Notes receivable collected 7. Outstanding cheque 18,661 Bank statement balance Add: Outstanding deposit. Benson Inc. Bank Reconciliation July 31, 2015 19,150 Book balance Add: 950 Interest earned 20,100 Deduct: Bank service charge 1,450 9 18,670 Deduct: Outstanding cheques: #534 20 18.661 Bank statement balance Add: Outstanding deposit Benson Inc. Bank Reconciliation July 31, 2015 19,150 Book balance Add: 950 Interest earned 20,100 Deduct: Bank service charge 1,450 18,650 Adjusted book balance 9 18,670 20 Deduct: Outstanding cheques: #534 Adjusted bank balance 18.650 Debit To: Benson Inc. Cheques/Charges/Debits Cash Date Desc. PR 31/Jul Balance 31/Aug/ CR9 31/Aug/ CD15 Account No. 101 Credit Balance 18,650 24.450 8,500 15,950 5,800 03/Aug Bank Statement August 31, 2015 Deposits/Credits Balance 19,150 1,400 950 18,700 1,450 08/Aug 1,000 18,250 1,000 1,100 18,350 1,400 13/Aug 18,300 1,050 15/Aug 1,300 18,550 1,450 17,100 400 16,700 20 Interest earned 5 16,685 10/Aug 10/Aug #546 03/Aug #534 08/Aug #545 #544 13/Aug #548 15/Aug #547 16/Aug NSF 28/Aug Bank service charge 31/Aug 1,350 The NSF cheque for $400 was that of a customer. Deposits Made August 8 10 13 15 31 Total August Cash Reciepts. 1,000 1,100 1.350 1,300 1,050 5,800 Cheques Written No. 544 545 546 547 548 549 550 Total August Cash Disbursements 1,400 1,000 1,400 1,450 1.050 1.300 900 8.500 Benson Inc. Bank Reconciliation August 31, 2015 Book balance Bank statement balance Add: + - Add: + = Deduct: Deduct: Outstanding cheques: + - Adjusted bank balance Adjusted book balance Benson Inc. Bank Reconciliation August 31, 2015 Book balance Add: + - Bank statement balance. Add: + Deduct: + Deduct: Outstanding cheques: + = Adjusted bank balance Adjusted book balance General Journal Account/Explanation Page GJ2 F Debit Credit Date + = +