Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The information below relates to the Cash account in the ledger of Rocks and Roll Company Balance March 1 - $257,000: Total Cash Receipts/Deposits for
The information below relates to the Cash account in the ledger of Rocks and Roll Company Balance March 1 - $257,000: Total Cash Receipts/Deposits for March 5960.000 Checks issued in March - $971,000 Rocks and Roll Company received the March 2022 bank statement which showed a cash balance of $213,248 on March 31. Upon review of the bank statement the following information was noted: At March 31, deposits in transit were $72,380. The bank collected an electronic funds transfer of $10,000 from Parka Corporation. A customer's check for $3,648 marked NSF was returned by the bank. Rocks and Roll Company wrote the following check to customers: Check 101 - $10,000; Check 102 $22.968. These checks have vet to clear the bank. . The bank charged $528 to Rocks and Roll Company for the rent of a safety deposit box. On March 31, it was discovered that Rock and Roll Company wrote a check for $2,252 but incorrectly recorded it in the books for $2,520. The check was a payment towards outstanding Accounts Payable. Interest earned the checking account was $568. INSTRUCTIONS: Prepare a bank reconciliation for Rocks and Roll Company at March 31, 2022. Prepare the entries required by the reconciliation.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started