Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The August 31 bank statement of Wallace Healthcare has just arrived from Perington Bank. To prepare the bank reconciliation, you gather the following data (Click

image text in transcribed
The August 31 bank statement of Wallace Healthcare has just arrived from Perington Bank. To prepare the bank reconciliation, you gather the following data (Click the icon to view the data) Read the girements Data Table Requirement 1. Prepare the bank reconciliation for Wallace Healthcare at August 31, 2024 Wallace Healthcare a. The August 31 bank balance is 56,530, Bank Reconciliation b. The bank statement includes two charges for NSF checks from customers. One August 31, 2024 is for $410 (1), and the other is for $110 (2) Banke C. The following Wallace Healthcare checks are outstanding at August 31: Check No. Amount ADD Check No. 237 s 90 Check No. 288 180 Check No. 291 560 LESS Check No. 294 640 Check No. 295 50 Check No. 296 150 d. Wallace collects from a few customers by EFT The August bank tement lists a $1.500 EFT deposit for a collection on account e. The bank statement includes two special deposits that Wallace hasn't recorded yet 51000 for dividend revenue and S60 for the interest revenue Wallace eamed on its bank balance during August f. The bank statement lists a $40 subtraction for the bank service charge 9. On August 31, the Wallace treasurer deposited $340, but this deposit does not hoose from any list or enter any number in the input fields and then click Check Answer appear on the bank statement h. The bank statement includes a $500 deduction for a check drawn by Mut-State Freight Company Wallace notified the bank of this bank error parts remaining Wallace's Cash account shows a balance of 53.600 on August 31

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_2

Step: 3

blur-text-image_3

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 Power Of Accounting What The Numbers Mean And How To Use Them

Authors: Lawrence Lewis

1st Edition

0415884306, 978-0415884303

More Books

Students also viewed these Accounting questions

Question

An storage system uses lasers to read data

Answered: 1 week ago