Question
The Cash account of Silver Maple Art Gallery shows the following at April 30, 2014 Cash Date Item Jrnl. Ref. Debit Credit Balance April 1
The Cash account of Silver Maple Art Gallery shows the following at April 30, 2014 Cash Date Item Jrnl. Ref. Debit Credit Balance April 1 Balance 13,911 April 30 CR.6 10,672 24,583 April 30 CR.11 10,924 13,659 On April 30, 2014, Silver Maple Art Gallery received the following bank statement: Bank Statement for April 2014 Beginning Balance $13,911 Deposits & Other Credits: April 1 $ 300 EFT April 4 4,174 April 9 501 April 12 559 April 17 2,187 April 22 1,300 BC April 23 1,854 10,875 Checks & Other Debits: April 7 (cheque no. 3113) $ 891 April 13 (cheque no. 3115) 1,390 April 14 900 US April 15 (cheque no. 3114) 147 April 18 (cheque no. 3116) 664 April 21 200 EFT April 26 (cheque no. 3117) 1,472 April 30 (cheque no. 3118) 1,000 April 30 20 SC (6,684) Ending Balance $18,102 Explanations: EFT electronic funds transfer; BC bank collections; US unauthorized signature; SC service charge. Additional data for the bank reconciliation: a. The EFT deposit was a receipt of rent. The EFT debit was an insurance payment. b. The unauthorized-signature check was received from a customer. c. The $1,300 bank collection was for a note receivable d. The correct amount of cheque number 3115 is $1,390. (Silver Maple Art Gallerys accountant mistakenly recorded the cheque for $1,930.) Required: i) Prepare Silver Maple Art Gallerys bank reconciliation at April 30, 2014. ii) Prepare the journal entries to adjust the accounts on April 30. Assume that the accounts have not been closed. iii) State the amount of cash that should be included in the balance sheet at April 30.
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