MMBURU OYO EXERCISE: Hakuna Matata Inc, has just received its bank statement for

Question

MMBURU OYO EXERCISE: Hakuna Matata Inc, has just received its bank statement for the month ended March 31, 2017. The bank statement is shown below ACCT& 201 ABRAKADABRA GROW YOUR MONEY BANK 1234 NonExistent Avenue, NW Magic City, SH, 99999-9999 75,322 49,053 22,164 102,211 Account Number Balance Last Statement Total Credts Total Debl 101-555-327-3200-75 March 31, 2017 Balance This Satement CREDITSBALANCE DATE CHECK DEBITS 75,322 78,522 77,002 73,702 73,522 73,502 71,982 3,200 32/2017 1741 1,520 180 1,520 3/4/2017 1747 3/5/2017 1751 3/6/2017 1753 37/2017 1754 870 39/2017 3/10/2017 1755 3/11/201? 1756 3/12/201 31220171757 3/13/2017 1758 3/14/2017 1759 3/16/2017 317/2017 1760 3/19/2017 3/19/2017 1761 3/20/2017 1762 3/20/2017 1763 3/21/2017 1766 3/23/201 3/24/2017 1767 78,212 76,412 75,652 75,402 75,082 74,782 72,512 80,612 79,802 79,752 78,232 77,572 76.252 75,902 89.302 88.882 88,532 104.182 105,767 102,575 102,193 102,211 7,100 1,800 760 250 DM 300 2.270 8.100 50 SC 1,520 660 1320 350 13,400 420 350 NSF 3/25/2017 3/26/2017 3/27/2017 1768 331/20171769 3/31/2017 15,650 1,585 ?? 3,192 382 18 INT SYMBOL KEY (LEGEND) CM Credt Memo (see notes) DD Direct Depost DM Debt Memo (see notes) INT Interest NSF Not SuSicient Funds SC Service Charge BANK NOTES CM- Nob receivable of $1,500&interest; of $100 collected fom Doogton LLC. Collecton fee of $15 charged Page 87 of 116

Explanation / Answer

Outstanding check Check number Amount 1745 1200 1750 370 1752 240 1764 380 1765 170 1770 430 1771 1200 Total 3990 Bank reconciliation Bank balance 102211 Add Deposit in transit 7600 Total 109811 Less Outstanding checks 3990 Adjusted bank balance 105821 Cash balance 104888 Add Notes receivable 1585 Interest revenue 18 1603 Less NSF 350 Service charges 70 Electricity payment 250 670 Adjusted cash balance 105821 Cash 1603          Notes receivable 1585          Interest revenue 18 Accounts payable 350 Service charges 70 Electricity expense 250            Cash 670

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