Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $68,166. The general ledger Cash account, Number 101, shows an ending cash balance per books of $68,549 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account Number 101, reveals the following a. The bank erroneously cleared a $400 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 $57 charge for a safety deposit box Santana has not yet recorded this expense c. On March 26, the bank statement lists a $100 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. d. On March 31, the bank statement lists $40 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 $134 on March 31, 2022, has not yet cleared the bank. f. S. Rey verifies that all deposits made in Morch do appear on the March bank statement. Required: 1. Prepare a bank reconciliation for Business Solutions for the month ended March 31, 2022 BUSINESS SOLUTIONS Bank Reconciliation March 31, 2022 Book balance Add: Bank statement balance Add: 0 0 $ 0 $ 0 Deduct Deduct Santana has not yet recorded this revenue. e. S. Rey notices that the check she issued for $134 on March 31, 2022, has not yet clear f. 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, 2022. 05 BUSINESS SOLUTIONS Bank Reconciliation March 31, 2022 Book balance Add: + Bank statement balance Add: 0 1 0 0 $ 0 Deduct: Deduct: 0 0 0 $ O Adjusted book balance Adjusted bank balance 2. Prepare any necessary 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 5 3 5 Record the journal entry for the $40 interest earned, if required. Note: Enter debits before credits. General Journal Debit Credit Date March 31 40 40 View transaction list Journal entry worksheet

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

The Essential Handbook Of Internal Auditing

Authors: K. H. Spencer Pickett

1st Edition

0470013168, 978-0470013168

More Books

Students also viewed these Accounting questions

Question

TMC questions. please explain steps used.

Answered: 1 week ago