Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The March bank statement showed the following for Crane Co.: 10111417202126313131NSF34753477347634743478LN3480SC5524619011,8012,3113,0701,1051,651401,7212,2611,81142,467IN1711,76213,02212,12112,58114,39212,08111,47810,3738,7228,699 1. The bank statement contained three debit memoranda: - An NSF cheque of $552
The March bank statement showed the following for Crane Co.: 10111417202126313131NSF34753477347634743478LN3480SC5524619011,8012,3113,0701,1051,651401,7212,2611,81142,467IN1711,76213,02212,12112,58114,39212,08111,47810,3738,7228,699 1. The bank statement contained three debit memoranda: - An NSF cheque of $552 that Crane had deposited was returned due to insufficient funds in the maker's bank account. This cheque was originally given to Crane by Mr. John, a customer, in payment of his account. Crane believes it will be able to collect this amount from Mr. John. - A bank loan payment (LN), which included $105 of interest and a $1,000 payment on the principal. (Hint: Use Notes Payable.) - A service charge (SC) of $40 for bank services provided throughout the month. 2. The bank statement contained one credit memorandum for $17 of interest (IN) earned on the account for the month. 3. The bank made an error processing cheque \#3478. No other errors were made by the bank. Crane's unadjusted cash balance per its general ledger on March 31 is $6,199. Crane's list of cash receipts and cash payments showed the following for March: Cash Payments \begin{tabular}{rrr} Date & Cheque No. & Amount \\ Mar. 3 & 3472 & $1,401 \\ 4 & 3473 & 735 \\ 6 & 3474 & 2,311 \\ 7 & 3475 & 461 \\ 13 & 3476 & 1,801 \\ 14 & 3477 & 901 \\ 19 & 3478 & 3,570 \\ 21 & 3479 & 142 \\ 28 & 3480 & 1,651 \\ 31 & 3481 & 846 \\ 31 & 3482 & 1,111 \\ \hline Total & & $14,930 \\ \hline \hline \end{tabular} The bank portion of the previous month's bank reconciliation for Crane Co. at February 29, 2024, was as fs Prepare a bank reconciliation at March 31. (List items that increase balance as per bank \& books first.) $ $
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