the august 31 bank statement of stop-n-ship food mart has just arrived from unit
ID: 2354545 • Letter: T
Question
the august 31 bank statement of stop-n-ship food mart has just arrived from united bank. to prepare the stop-n-ship bank reconciliation, you gather the following data: a)stop-n-ship cash account shows a balance of $6,409.31 on august 31. b) the bank statement includes two charges for returned checks from customers. one is a $395.00 check received from lakeland expressand returned due to "unauthorized signature". the other is NSF check for $147.17 received from veracruz, inc. c) stop-n-ship pays rent expense ($750) and insurance expense ($290) each month by EFT. d) the stop-n-ship checks below are outstanding at august 31: NBR: 237 AMT: 46.10 NBR:294 AMT:609.51, NBR:288 AMT:141.00 NBR:295 AMT:8.88, NBR:291 AMT:578.05 NBR:296 AMT:101.63, NBR:293 AMT:11.87. e) the bank statement includes a deposit of 1,191, collected by the bank on behalf of stop-n-ship food mart. of the total 1,000 is collection of a note and the remainder is interest. f) the bank statement shows that stop-n-ship earned 38.19 of interest on its bank balance during august. this amount was added to stop-n-ship's account by the bank. g) the bank statement lists at $10 service charge for the month. h) on august 31 stop-n-ship deposited 316.15 but this deposit does not appear on the bank statement. i) the bank statement includes a $300 deposit that stop-n-shop did not make. the bank erroneously credited the stop-n-ship account for another bank customer's deposit. j) the august 31 bank balance is $7,527.22Explanation / Answer
Balance per bank 7527.22 Deposit in transit +316.15 Checks outstanding -1497.04 Error -300 Adjusted balance 6046.33 Balance per book 6409.31 Interest on bank balance +38.19 Note collection +1191 Service charge -10 NSF checks -542.17 Rent expense -750 Insurance expense -290 Adjusted balance 6046.33 You did not provide any directions, so I assumed you wanted a bank reconciliation created.
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