Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2018, bank statement included the following Information: Balance, October 1, 2018 Deposits Checks processed Service charges NSP checks Monthly loan payment deducted directly by bank from account (includes $340 in interest) Balance, October 31, 2018 $ 32,630 83,000 (72,200) (290) (1,540) (2,740) 38,860 The company's general ledger cash (checking) account had a balance of $42,430 at the end of October. Deposits outstanding totaled $4164, and all checks written by the company were processed by the bank except for those totaling $5,560. In addition, a check for $440 for the purchase of office furniture was incorrectly recorded by the company as a $44 disbursement. The bank correctly processed the check during October Required: 1. Prepare a bank reconciliation for the month of October 2. Prepare the necessary Journal entries at the end of October to adjust the general ledger cash account 1. Prepare a bank reconciliation for the month of October 2. Prepare the necessary journal entries at the end of October to adjust the general ledger cash account Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation for the month of October Fitzgerald Company's Bank Reconciliation Balance per bank statement Add: Deduct: Corrected cash balance Balance per books Deduct: Corrected cash balance View transaction list Journal entry worksheet Record the correction of error in cash disbursement. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet

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

ISE Managerial Accounting For Managers

Authors: Eric Noreen, Peter C. Brewer, Ray H. Garrison

5th Edition

1260570010, 9781260570014

More Books

Students also viewed these Accounting questions

Question

How appropriate would it be to conduct additional research?

Answered: 1 week ago

Question

Who are credible sources and opinion leaders for this public?

Answered: 1 week ago

Question

How does or how might your organization affect this public?

Answered: 1 week ago