question archive Prepare a bank reconciliation for Show Me, Inc
Prepare a bank reconciliation for Show Me, Inc
Subject:FinancePrice: Bought3
Prepare a bank reconciliation for Show Me, Inc., as of June 30 from
the following information:? (a.) The June 30 balance shown on the bank statement is $5,796. (b.)Outstanding checks at June 30 totaled $330. (c.)A deposit of $424 made on June 30 was not included in the balance shown on the bank statement. (d.)The bank statement contained an adjustment of $410 for a note receivable collected by the bank on behalf of Show Me, Inc. ($382 principal and $28 interest). (e.)A bank charge of $34 was made to the account during June. Although the company was expecting a charge, the amount was not known until the bank statement arrived. (f.)The bank erroneously charged a $340 check of Shirt, Inc., against the Show Me, Inc., bank account. (g.)The June 30 balance in the general ledger Cash account, before reconciliation, is $6,026. (h.)The bank statement included a notice that a customer's check for $172 that had been deposited on June 14 had been returned NSF. ?Required:??(1.) Prepare the bank reconciliation for Show Me, Inc., as of June 30.?(2.) Prepare the appropriate adjusting entry(ies) or show the reconciling items in a horizontal model, for Show Me, Inc., related to the bank reconciliation.
