On March 31, 2019, Home Decorating Pavilion received a bank statement with an en

Question

On March 31, 2019, Home Decorating Pavilion received a bank statement with an ending balance of $11,400. The balance in the firm's checkbook and Cash account on the same date was $11,375. The difference between the two balances is caused by the items listed below . A $4,700 deposit made on March 30 does not appear on the bank statement. . Check 358 for $875 issued on March 29 and Check 359 for $2,650 issued on March 30 have not yet been paid by the bank. . A credit memorandum shows that the bank has collected a $2,100 note receivable and interest of $310 for the firm. . A service charge of $125 appears on the bank statement. A debit memorandum shows an NSF check for $625·(The check was issued by Dane Smithey, a credit customer) check and the listing on the bank statement show that the actual amount of the check was $1,800. Pavilion's account. . The firm's records indicate that Check 341 of March 1 was issued for $2,100 to pay the month's rent. However, the canceled . The bank made an error by deducting a check for $760 issued by another business from the balance of Home Decorating Required 1. Prepare a bank reconciliation statement for the firm as of March 31, 2019. 2. Record entries for any items on the bank reconciliation statement that must be journalized. Date the entries March 31, 2019 Complete this question by entering your answers in the tabs below

Explanation / Answer

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HOME DECORATING PAVILLION Bank Reconciliation March 31, 2019 Balance on bank statement $ 11,400 Additions Deposit in transit $ 4,700 Bank error $     760 $    5,460 $ 16,860 Deductions Outstanding checks 3525 Adjusted bank balance $ 13,335 Balance in books $ 11,375 Additions Electronic collection $ 2,100 Error in recording of rent $     300 Interest income $     310 $    2,710 $ 14,085 Deductions Bank service charges $     125 NSF Check $     625 $        750 Asjusted book balance $ 13,335

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