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
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 \$66,566. The general ledger Cash account, Number 101 , shows an ending cash balance per books of $67,024 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 $450 check against the company account in March that $. Rey did not issue. The check was actually issued by Business Systems b. On March 25 , the bank statement lists a $56 charge for a safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a \$119 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 $44 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 $123 on March 31, 2022, has not yet cleared the bank. 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 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 o transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record journal entry related to the $450 check charged erroneously to Business Solutions' account, if required. Note: Enter debits before credite

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

Information Technology Auditing And Assurance

Authors: James A. Hall, Tommie Singleton

2nd Edition

0324191987, 978-0324191981

More Books

Students also viewed these Accounting questions

Question

Graph the given functions. s = 7 2t

Answered: 1 week ago

Question

Describe the linkages between HRM and strategy formulation. page 74

Answered: 1 week ago

Question

Identify approaches to improving retention rates.

Answered: 1 week ago