Christine Wilson_ACG 2021-12_Individual_Week 6

Christine Wilson_ACG 2021-12_Individual_Week 6 - Problem...

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Problem 6-1 Bank Reconciliation 1. Prepare a bank reconciliation in good form. Calico Corners Bank Reconciliation May 31, 2012 Balance per bank statement, May 31 $8,432.11 Add: Deposit in transit 1,250.00 Bank Error deposit not recorded 123.45 Deduct: Outstanding checks: #123 $23.40 #127 145.00 #128 210.80 #130 67.32 (446.52) Adjusted balance, May 31 $9,359.04 Balance per books, May 31 $9,965.34 Add: Interest earned on bonds $465.00 Interest earned on account 54.60 519.60 Deduct: Bank service charges $50.00 NSF check 166.00 Book error: Deposit of $101.10 Recorded as $1,011.00 909.90 (1,125.90) Adjusted balance, May 31 $9,359.04
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2. Record the necessary journal entries on the company’s books resulting from the bank reconciliation prepared in part (1) above. 31-May Cash 54.60 Interest Revenue 54.60 To record the interest earned on checking account 31-May Cash 909.90 Supplies 909.90 To correct for error in recording check 31-May Cash 123.45 Accounts Receivable 123.45 To correct check not deposited but on books 31-May Accounts Receivable 166 Cash 166 To record customer's NSF check 31-May Bank service charge 50 Cash 50 To record the service charge from the
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