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Use the following information for Schmidt Incorporated to answer the questions below. Assume errors (if any) were committed by the company Schmidt Incorporated Bank
Use the following information for Schmidt Incorporated to answer the questions below. Assume errors (if any) were committed by the company Schmidt Incorporated Bank Statement, April of 2018 Date Description Charges Deposits Balance 4/1 Beginning Balance $ 17,600 4/2 Deposit 5,820 4/8 EFT Steuber LLC 370 4/8 Check #501 2,540 4/19 NFS check Shanahan Company 175 4/19 Deposit 6,260 4/21 Check #502 472 4/28 Check #503 1,140 4/30 Interest Earned 158 4/30 Service Charge 24 20 4/30 Ending Balance $25,857 Schmidt Incorporated Cash T-account, April of 2018 Cash (Balance, 4/1) 23,420 (Deposit, 4/17) (Deposit, 4/29) 6,260 2,540 3,100 499 (Check #501) (Check #502) 1,140 (Check #503) 332 (Check #504) (4/30) 28.269 REQUIREMENT 1: In the company's April Bank Reconciliation, what number will the company enter as, "Ending Correct Cash Balance" in the "as per Bank Statement" column? REQUIREMENT 2: What journal entry (if any) will the company record from any errors noted in the bank reconciliation process? Account No Journal Entry Required Debit REQUIREMENT 3: What journal entry (if any) will the company record for any outstanding checks? Account No Journal Entry Required Debit REQUIREMENT 4: What journal entry (if any) will the company record for the NSF Check from Shanahan Company? Account No Journal Entry Required Debit Credit Credit Credit
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