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QUESTION 1 Bank Reconciliation Problem Lotus company showed the following bank reconciliation at March 31,2020: Bank Balance $ 22,100 Book Balance $ 30,945 ADD: Deposit
QUESTION 1 Bank Reconciliation Problem Lotus company showed the following bank reconciliation at March 31,2020: Bank Balance $ 22,100 Book Balance $ 30,945 ADD: Deposit in transit 10000 $32.100 Deduct: Outstanding cheques : #14 $840 315 #22 (1.115) 00000 Adjusted Balance $30945 Adjusted Balance $30,945 Cash Book @ April 30, 2020 PR Debit $ Credit $ Balance $ 30945 102,385 11.213 71,440 CR17 CR13 91.172 Deposits Made April $ 7 690 13 4,600 18 5.900 23 13,900 27 1,750 30 44,600 Total Receipts 71,440 Cheques Written # $ 23 5,200 24 3,150 25 940 26 310 27 4,230 4,900 29 19,630 30 41,000 31 412 32 11,400 Total payments 91,172 28 Bank Statement @ April 30,2020 Beginning balance Ending Balance $22,100 $110,113 Cheques/Charges #31 04/03 #28 04/07 #26 04/13 NSF 04/18 #24 04/23 #23 04/27 #29 04/30 PMT 04/30 SC 04/30 INT 04/30 $ 412 9,400 310 14,200 3,150 5,200 19,630 15,900 175 450 Deposits/Credits$ 04/03 10,000 04/07 690 04/13 4,600 04/18 5,900 04/23 13,900 04/27 1,750 04/30 120,000 In reviewing the cheques returned by the bank, the bookkeeper discovered that cheque #28 , for delivery expense , was recorded in Cash Disbursements Journal correctly as $4,900. The NSF cheque for $14200 was that of Tom, a customer who deposited in March On the bank statement, the payment for $15,900 is regarding a note payable. There is also a deposit of $120.000 dated April 30. It is an investment made by the owner into the business an electronic transfer made by the bank from the owner's bank account into the business. So it did not appear on the Cash Receipts of the company) REQUIRED 1. Make a bank reconciliation for the company at April 30, 2020 2. Journalize the adjustment to the cash book on a ledger
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