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Terry Smith operates a cafe. He just received the 30 June bank statement from Westpac Bank, and the statement shows an ending balance of $9,529.
Terry Smith operates a cafe. He just received the 30 June bank statement from Westpac Bank, and the statement shows an ending balance of $9,529. Listed on the statement is an EFT collection of bill receivable of $660 (inclusive of $60 interest), a service charge of $13, dishonoured cheques totalling $103 and a $20 charge for stop cheque instruction given to the bank. In reviewing his cash records, Terry identifies outstanding cheques totalling $579 & a deposit in transit of $2003. During June, he recorded a $280 cheque by debiting rent expense & crediting cash at bank for $820. Terry's cash at bank account shows a 30 June balance of $9,889. Required: i) Prepare the bank reconciliation for Terry Smith for 30 June. i) Record the journal entries that bring the book balance of cash at bank into agreement with the adjusted book balance on the reconciliation. Include an explanation for each entry 0.2KB/s Type here to search RR)ENG 1002 PM 6/06/2018
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