View Policies Current Attempt in Progress On May 31, JB Games Ltd. received its bank statement from the East Coast Savings Bank showing that JB had a balance of $ 15,000. The company's general ledger showed a cash balance of $ 9,605 at that date. A comparison of the bank statement and the accounting records revealed the following information: 1 2. 3. 4 A cheque from one of JB's customers in the amount of $ 1.280 that had been deposited during the last week of May was returned with the bank statement as NSF. Bank service charges for the month were $ 45, The company had written and mailed out cheques with a value of $5,145 that had not yet cleared the bank, Cheque #791, which was a payment for advertising expenses of $ 790, was incorrectly recorded in the general ledger as $ 970. During the month one of JB's customers paid their account using an electronic funds transfer. Their payment was for $4,095. The cash receipts for May 31 amounted to $ 2,700 and had been deposited in the night drop slot at the bank on the evening of May 31. These were not reflected on the bank statement for May. 5. 6. Prepare the bank reconciliation for JB at May 31 (List items that increase balance as per bank & books first.) JB Games Ltd. Bank Reconciliation As of May 31 $ $ (A $ Question Part Score --/60 What cash should JB report on its statement of financial position as at May 31? Cash balance reported on the statement of financial position eTextbook and Media List of Accounts --/5 Question Part Score Prepare the journal entries necessary as a result of the bank reconciliation prepared in part "a" (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record electronic fund transfer) (To correct error in recording cheque #791) (To record bank charges) Question of 4 / 100 (To correct error in recording cheque #791) I (To record bank charges) (To record NSF cheque) e Textbook and Media List of Accounts Question Part Score Attempts: 0 of 1 used Submit Answ Save for Later