Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

STATEMENT 20MAIN STREET QAKRST, NU 07755-146 51,250.25 51,512.50 3.237 75 eginning Balance Check No. 301 ,250.25 115025 49525 3,995.25 /5 7A8 00.00 655.00 ,500.00 -97.00

image text in transcribed
STATEMENT 20MAIN STREET QAKRST, NU 07755-146 51,250.25 51,512.50 3.237 75 eginning Balance Check No. 301 ,250.25 115025 49525 3,995.25 /5 7A8 00.00 655.00 ,500.00 -97.00 -525.00 -133.00 -2.50 Check No. 302 7/20 7/28 /31 Oeci No. 30.3 Check No. 304 Check Ma.305 Service Charg 3,37325 ,240.25 3,23775 CHALLENGE PROBLEM Susan Panera is preparing the June 30 bank reconciliation for Panera Bakery. She dis- covers the following items that explain the difference between the cash balance on her books and the balance as reported by Lawrence Bank: e1. An ATM withdrawal of $200 for personal use was not recorded by Susan 2. A deposit of $850 was recorded by Susan but has not been received by Lawrence Bank as of June 30. 3. A check written in payment on account to Jayhawk Supply for $340 was recorded by Susan as $430 and by Lawrence Bank as $530. 4. An ATM deposit of $350 was recorded twice by Lawrence Bank. 5. An electronic funds transfer of $260 to Sunflower Mills as a payment on account was not recorded by Susan. 6. Checks No. 103 for $235 and No. 110 for $127 had not cleared Lawrence Bank as of June 30 REQUIRED 1. Prepare the journal entries required to correct Panera Bakery's books as of June 30 2. Prepare the journal entries required to correct Lawrence Bank's books as of June 30

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

More Books

Students also viewed these Accounting questions