Question
The following information if available to assist you in preparing the bank reconciliation for Minnie Company Limited: The cash balance as at September 30, 2021
The following information if available to assist you in preparing the bank reconciliation for Minnie Company Limited:
- The cash balance as at September 30, 2021 was a debit balance of $65,300. The ending balance shown on the bank statement was $67,466
- Cheques that were outstanding at April 30 were:
#760 $ 925
#768 $1,025
#767 $ 2,096
3. The bank statement showed a deduction of bank service charge fees of $50.
4. The bank collected a net amount of $1,005: $1,000 regarding a note receivable, interest revenue of $25, and a $20 service charge that also is not included in the company records.
5. A deposit recorded by the company for $1,875 did not yet appear in the bank statement.
6. A cancelled cheque for $600 belonging to Mickey Corp. but charged by the bank to Minnie Company Limited was included with the cancelled cheques returned by the bank.
7. The bank statement showed a deduction of $340 for a cheque from a customer for payment on account returned NSF. In addition, there was a $20 service charge.
Required:
- Prepare a bank reconciliation for the company as at September 30, 2021.
- Prepare any necessary journal entries as a result of the bank reconciliation.
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