question archive Complete the bank reconciliation and determine the adjusted bank and book balances on the next page
Complete the bank reconciliation and determine the adjusted bank and book balances on the next page
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Complete the bank reconciliation and determine the adjusted bank and book balances on the next page. Use the data described below. *** *** REQUIRED 2) USING PROPER FORM (THAT MEANS MEMOS, PROPER INDENTING, ETC) Complete the needed journal entries to adjust the books to the corrected balance. Use the templates provided. The accountants for Easter Bunny Enterprises are reconciling the checking account for March. Below is additional information related to the checking account transactions.
1. The balance on 3/31 per the bank statement is $4740.93 and the balance per the books is $6,283.55 2. Oustanding checks total $3578.16. 3. A deposit totaling $4392.78 from sales activities from 3/31 was entered into the accounting system, but not brought to the bank until 4/1. 4. The was a bank fee of $30 charged on the bank statement. 5. A customer payment towards AR was returned by the bank as NSF (non sufficient funds) in the amount of $725. 6. The accountant made a number transposition error in the books and entered check #2741 for Rent Expense as $3696 intead of the actual amount that cleared the bank of $3669.
BANK RECONCILIATION 1) Easter Bunny Enterprises, Bank reconciliation for March Balance per bank Balance per books: Adjusted Bank Balance $ Adjusted Book Balance $
2) COMPLETE THE JOURNAL ENTRIES NEEDED. INCLUDE MEMOS!!: Account Debit Credit Date 31-Mar Date Account Debit Credit 31-Mar Date Account Debit Credit 31-Mar
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1. Bank Reconciliation
| Balance per Bank | 4740.93 | Balance per Books | 6283.55 |
| Add: Deposits in transit | 4392.78 | Add: Error in Check 2741 | 27 |
| 9133.71 | 6310.55 | ||
| Less: Outstanding checks | -3578.16 | Less: Bank fee | -30 |
| Less: NSF Check | -725 | ||
| Adjusted Bank Balance | 5555.55 | Adjusted Book Balance | 5555.55 |
2. Journal
| Date | Account | Debit | Credit |
| 31-Mar | Cash | 27 | |
| Rent expense | 27 | ||
| (To correct the error of Check 2741) | |||
| 31- Mar | Bank fee / charges | 30 | |
| Cash | 30 | ||
| (To record bank fee) | |||
| 31-Mar | Accounts receivables | 725 | |
| Cash | 725 | ||
| (To record NSF Check) |
