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Category > Accounting Posted 20 Aug 2017 My Price 9.00

Cooters Garage

Problem 4-22      Bank reconciliation and adjustments to the cash account

The following information is available for Cooters Garage for March 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANK STATEMENT 215 MAIN STREET HAZARD, GA 30321 Cooters Garage 629 Main Street Hazard, GA 30321 Account number 62-00062 March 31, 2012 Beginning balance 3/1/2012 $15,000.00 Total deposits and other credits 7,000.00 Total checks and other debits 6,000.00 Ending balance 3/31/2012 16,000.00 Checks and Debits Deposits and Credits Check No. Amount Date Amount 1462 $1,163.00 March 1 $1,000.00 1463 62.00 March 2 1,340.00 1464 1,235.00 March 6 210.00 1465 750.00 March 12 1,940.00 1466 1,111.00 March 17 855.00 1467 964.00 March 22 1,480.00 DM 15.00 CM 175.00 1468 700.00 The following is a list of checks and deposits recorded on the books of Cooters Garage for March 2012:

 

 

Date

 

Check No.

Amount of Check

 

Date

Amount of Deposit

March

1

1463

$   62.00

March

1

$1,340.00

March

5

1464

1,235.00

March

5

210.00

March

6

1465

750.00

 

 

 

March

9

1466

1,111.00

March

10

1,940.00

March

10

1467

964.00

 

 

 

March

14

1468

70.00

March

16

855.00

March

19

1469

1,500.00

March

19

1,480.00

March

28

1470

102.00

March

29

2,000.00

 

 

Other Information

1.     Check no. 1462 was outstanding from February.

2.     A credit memo for collection of accounts receivable was included in the bank statement.

3.     All checks were paid at the correct amount.

4.     The bank statement included a debit memo for service charges.

5.     The February 28 bank reconciliation showed a deposit in transit of $1,000.

6.     Check no. 1468 was for the purchase of equipment.

7.     The unadjusted Cash account balance at March 31 was $16,868.

 

Required

a.     Prepare the bank reconciliation for Cooters Garage at the end of March.

b.     Explain how the adjustments described above affect the cash account.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 10:08 AM My Price 9.00

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