Question
The bookkeeper of Voda Traders is struggling to complete the bank reconciliation for February 2020. After comparing the cash journals for February 2020 and the
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The bookkeeper of Voda Traders is struggling to complete the bank reconciliation for February 2020. After comparing the cash journals for February 2020 and the bank reconciliation statement at 31 January 2020 with the bank statement for February 2020, she provided you with the following information:
5. Balance (favourable) of the bank statement at 29 February 2020: R17 218.
Where should this Balance of the bank statement of R17 218 on 29 February 2020 be recorded?
Debit Bank account in the general ledger for February 2020 R17 218
Credit the Bank reconciliation statement at 29 February 2020: R17 218
Does not need to be recorded
Credit Bank account in the general ledger for February 2020 R17 218
Debit the Bank reconciliation statement at 29 February 2020: R17 218
The bookkeeper of Voda Traders is struggling to complete the bank reconciliation for February 2020. After comparing the cash journals for February 2020 and the bank reconciliation statement at 31 January 2020 with the bank statement for February 2020, she provided you with the following information:
5. Balance (favourable) of the bank statement at 29 February 2020: R17 218.
Where should this Balance of the bank statement of R17 218 on 29 February 2020 be recorded?
| Debit Bank account in the general ledger for February 2020 R17 218 | ||
| Credit the Bank reconciliation statement at 29 February 2020: R17 218 | ||
| Does not need to be recorded | ||
| Credit Bank account in the general ledger for February 2020 R17 218 | ||
| Debit the Bank reconciliation statement at 29 February 2020: R17 218 |
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
978-0078025914
