Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,466. The general ledger Cash account, No. 101, shows an ending cash balance per books of $67,926 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following a. The bank erroneously cleared a $450 check against the company account in March that S. Rey did not issue. The check was actually issued by Business Systems b. on March 25, the bank statement lists a $53 charge for the safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a $112 charge for printed checks that Business Solutions ordered from the bank. Santana has d. on March 31, the bank statement lists $29 Interest earned on Business Solutions's checking account for the month of March. Santana has not yet recorded this revenue. e. S. Rey notices that the check she issued for $126 on March 31, 2020, has not yet cleared the bank. 6. S. Rey verifies that all deposits made in March do appear on the March bank statement. Required: 1. Prepare a bank reconciliation for Business Solutions for the month ended March 31, 2020, Bank statement balance Add $ $ 67,926 - 53 112 BUSINESS SOLUTIONS Bank Reconciliation March 31, 2020 67 466 Book balance Add: Bank interest 165 Outstanding check 67.631 Deduct: Bank interest Safety deposit rental 29 Charge for checks $ 67.602 Adjusted book balance 29 Deduct $ 126 $ 155 68,081 29 Adjusted bank balance 450 53 112 $ 615 67.466 2. Prepare any necessary adjusting entries. Use Miscellaneous Expenses, for any bank charges. Use Interest Revenue, for any interest earned on the checking account for March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the journal entry related to the $53 debit memorandum, if required. Note: Enter debits before credits Date Mar 31 General Journal Debit Credit Racord entry Clear entry View general Journal 2. Prepare any necessary adjusting entries. Use Miscellaneous Expenses, for any bank charges. Use Interest Revenue, for any interest eared on the checking account for March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction ist X 1 Record journal entry related to the $450 check charged erroneously to Business Solutions' account, if required. 2 Record the Journal entry related to the $53 debit memorandum, required. juired. 3 Record the journal entry related to the $112 debit memorandum for printed checks, If required. * Record the journal entry for the $29 interest eamed, if required Credit 5. 5. Rey verifies that all deposits made in March do appear on the March bank statement, if required, Note journal entry has been entered Record entry Clear entry View general Journal
