The March bank statement showed the following for Yap Co. Date Feb. 2a Mar. 3 YAP CO. Bank Statement March 31, 2021 Cheques and other Debits Number Amount Deposits Amount $12,742 3470 $1,535 2,530 13.737 347 1.221 3473 12,411 1:1.816 3475 1,745 915 12.159 3476 1,826 1,832 14.446 3474 2,330 12.116 3478 1.000 2,657 13.653 1,125 12.568 1,679 10.889 IN 23 10,863 NSF 3477 21 26 Additional informator: 1. The bank statement contained three debit memoranda! An NSF cheque of $595 that Yap had depositad was retumad due to insufficient funds in the maker's bank account. This chacus was originally alven to Yap by Mr. Jordan, a customer, In payment of his account. Yap belleves it will be able to collect this amount from Mr. Jordan. A bank loan payment (LN), which included $125 of interest and a $1,000 payment on the principal. (Hint: Use Notes Payable.) A service charge (SC) of 549 for bank services provided throughout the month. 2. The bank statement contained one credit memorandum for $23 of interest (N) eamed on the account for the month 3. The bank made an error processing cheque 23478. No other errors were made by the bank. Yap's unadjusted cash balance per its general ledger on March 31 is $6,495. Yep's list of cash receipts and cash payments showed the following for March: Cash Receipts Date Amount Total s10,781 Date Cash Payments Cheque No. Amount 3472 s1,427 2,330 3475 1,828 1,380 3477 1479 3479 3480 3481 1,879 31 1.126 $12.916 Total The bank portion of the previous month's bank reconciliation for Yap Coat February 28, 2021, was as follows: YAP CO. Bank Reconciliation February 28, 2021 Cash balance per bank Add: Dapasits in transit $12.742 15.272 Less: Outstanding cheques 33451 3470 3471 Adjusted cash ta ance per bank Prepare a bank reconciliation at March 31. (List items that increase balance as per bank & books first.) YAP CO. Bank Reconciliation March 31, 2021 1 Prepare the necessary adjusting entries at March 31. (Note: The correction of any errors in the recording of cheques should be made to Accounts Payable. The correction of any errors in the recording of cash receipts should be made to Accounts Receivable.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 31 (To correct error in recording cheque issued and to record interest earned) Mar. 31 (To record NSF cheque and other cash payments)
