Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question: Prepare. and balance the general ledger Cash at Bank account (use T-account) The following information is needed in order to prepare the Bank Reconciliation

Question: Prepare. and balance the general ledger Cash at Bank account (use T-account)

image text in transcribed
The following information is needed in order to prepare the Bank Reconciliation Statement as at 30 June 20x5, for John's Repair Services. 1) The balance of the Cash at Bank account of John's Repair Services was $3,431 debit on 30 June 20x5. 2) The bank statement showed a credit balance of $2,062.80 on 30 June 20x5. 3) A deposit made on 30 June did not appear on the bank statement, $1,311. 4) Cheques not yet presented to the bank for payment but already recorded in the cash journal: No. 247 228.80 No. 248 $ 800.00 5) The bank statement showed bank fees charged for June of $30. 6) Interest received in the amount of $124 appeared only on the bank statement. 7) A receipt from a debtor, M. Fast, was incorrectly entered in the cash receipts journals as $458. The amount was correct on the bank statement, $498. 8) $1,220 cheque was returned marked 'dishonoured'. The cheque had been received from a customer Dodgy D

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Practicing Financial Planning

Authors: Sid Mittra, Anandi P Sahu, Brian Fischer

12th Edition

9386042851, 9789386042859

More Books

Students also viewed these Accounting questions