Preparation of a bank reconciliation for the month of December. You have received the bank statement for your company's account and need to reconcile it with your general ledger cash account. Your records show an ending balance for the month of $12,722.40 while the bank's records show an ending balance of $12,367.16.

The bank charged $8 in service fees and paid $26.05 in interest. All but three checks written during the month were processed by the bank without incident during the month. The three exceptions were:

 

1) Check #841 was correctly processed by the bank as $981.27 but was mistakenly recorded by you as $781.27. This check was a payment for this month’s rent

2) Check #853 for $64.57 had not yet been processed by the bank.

3) Check #855 for $683.46 had not yet been processed by the bank.

 

All but two of the deposits made during the month were processed by the bank without incident. The two exceptions were:

 

1) A customer check for $307.95, which had been deposited during the month, was returned NSF. The check was received from the customer as payment on their account receivable.

2) A deposit totaling $613.37 had not yet been processed by the bank.

Record all required journal entries related to the bank reconciliation in Part 1. Use the date of Dec 31 for each journal entry.

 

Date                Account Name                                                Debit               Credit

 

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Status NEW Posted 09 Dec 2017 07:12 AM My Price 10.00

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