[The following information applies to the questions displayed below.] The differ

Question

[The following information applies to the questions displayed below.]

    

  

    

  

The difference in the beginning balances in the company’s records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2015.

The bank made the EFT on May 20 in error. The bank accidentally charged Diaz for payment that should have been made on another account.

References

Section BreakProblem 4-3A Prepare the bank reconciliation and record cash adjustments (LO5)

1.

value:
2.50 points

Required information

Problem 4-3A Part 1

Prepare a bank reconciliation for Diaz's checking account on May 31, 2015. (Total entries to the same account together when entering in the bank reconciliation and journal entry carousel.)

      
rev: 10_28_2014_QC_57681

References

eBook & Resources

Problem ADifficulty: Hard

Problem 4-3A Part 1Learning Objective: 04-05 Reconcile a bank statement.

Check my workPrevious attempt

2.

value:
2.50 points

Required information

Problem 4-3A Part 2

Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

      

References

eBook & Resources

The cash records and bank statement for the month of May for Diaz Entertainment are shown below.

Explanation / Answer

For bank reconciliations as such no entry is required but the entry for cash adjustment is required. it is as follows

Cash a/c Dr 1082

Interest on deposit 82

Note Receivable 1000

(Being cash received in bank)

NSF a/c Dr 360

Service charges a/c Dr 46

To Cash 406

(Being cash charged by bank for following expenses)

Bank Reconciliation statement as on 31st May, 2015 Balance as per cash Book 5180 Add: Cheque issued but not presented (510+3560)(salary and supplies) 4070 Direct credits Interest on Deposit 82 Note Receivable Collected by Bank 1000 error in Companys cash a/c Less: Cheque sent for collection but not credited in bank 3140 NSF 360 Service Charges debited by bank 46 Error from bank 560 Balance as per pass book 6226 Balance as per cash Book ason 31 May 2015 5180 Add: Interest on Deposit 82 Note Receivable Collected by Bank 1000 error in Companys cash a/c Less: NSF -360 Service Charges debited by bank -46 Balance as per corrected Cash Book as on 31 may 2014 5856

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