Question
QUESTION 1 ABC company bank statement for the month of April shows a balance per bank of $13,597 on April 30, 2019. On this date,
QUESTION 1 ABC company bank statement for the month of April shows a balance per bank of $13,597 on April 30, 2019. On this date, the balance of cash per books is $12,132. Using the below information, prepare the bank reconciliation for ABC company. 1. The Bank collected $1,300 note for ABC Company in April, plus interest $85. The collection fees were $25. The collection has not been recorded by ABC, and no interest has been accrued. 2. On April 15, the company issued check no. 342 for $532 to William Taylor on account. The check which cleared the bank in April, was incorrectly journalized and posted by ABC company for $513. 3. Outstanding checks on April 30 totalled $467 4. Included with the cancelled checks was a check (totalled $680) issued by John Park (a customer) to Blue Sky company for services provided. The bank deposited the money to ABC company account. 5. April 30 deposits of $310 (Received by bank on May 1). 6. On April 30, the bank statement showed an NSF charge of $663 for a check issued by Jay Phillip, a customer, to ABC company on account. 7. ABC company wrote check no. 322 for $683 and the bank correctly paid that amount. However, ABC recorded the check as$653 8. The statement included a debit memo of $20 for Safety deposit box rent. Prepare the ABC company Bank reconciliation statement for April 2019
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started