Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Serial Problem Business Solutions LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2018. The March 31 bank statement
Serial Problem Business Solutions LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following a. S. Rey notices that the bank erroneously cleared a $500 check against her account in March that she did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Business Systems. b. On March 25, the bank lists a $54 charge for the safety deposit box expense that c On March 26, the bank lists a $104 charge for printed checks that Business d. On March 31, the bank lists $26 interest earned on Business Solutions's checking e. S. Rey notices that the check she issued for $127 on March 31, 2018, has not yet f. S. Rey verifies that all deposits made in March do appear on the March bank g. The general ledger Cash account, No. 101, shows an ending cash balance per Business Solutions agreed to rent from the bank beginning March 25. Solutions ordered from the bank. account for the month of March. cleared the bank. statement books of $68,071 as of March 31 (prior to any reconciliation). Required: 1. Prepare a bank reconcililation for Business Solutions for the month ended March K Prey 2 of 3 Next > 13,632
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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