Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 4 (17 marks) You have just received the 30 June 2020 bank statement of Zoom Electronics from Costco Bank. To assist you in your
Question 4 (17 marks) You have just received the 30 June 2020 bank statement of Zoom Electronics from Costco Bank. To assist you in your bank reconciliation, you have gathered the following information i Zoom Electronics' cash account shows a balance of $2,900 on 30 June ii. The bank statement includes two dishonoured cheques from customers of $400 (cheque number 190) and $110 (cheque number 192). Hi, The following Zoom Electronics cheques are outstanding at 30 June Cheque number Amount (5) 137 50 188 170 191 520 194 580 195 50 196 140 V. iv. Zoom Electronics collects from some customers through EFT. The June bank statement lists a $1,300 EFT deposit for a collection on account. The bank statement includes two deposits that Zoom Electronics has not recorded yet: $970 for dividend revenue and $80 interest revenue camed. vi. The bank statement included a $30 bank service charge. vii. On 30 June, Zoom Electronics deposited $350 but this deposit is not reflected on the bank statement viii The bank statement included a $1,000 deduction for a cheque drawn by Webex Lid. Zoom Electronics has notified the bank of this error. ix The 30 June 2020 bank balance is $4.870. Requirements: Prepare the bank reconciliation for Zoom Electronics at 30 June 2020. a. (9.5 marks) b. Record the necessary journal entries (including narrations) from the bank reconciliation (7.5 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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