The following information is available for Miguel Company for the month ending J

Question

The following information is available for Miguel Company for the month ending June 30, 2017 Balance per the bank statement is $10.241.43 Balance per books is $9,745.06 Check #506 for $1.948 52 and check #510 for $1,800 25 were not returned with the June 30 bank statement A deposit in transit of s5,113.40 had not been received by the bank when the bank statement was generated . A bank debit memo indicated an NSF check in the amount of $79 written by CARS Company to Miguel Company on June 13. A bank credit memo indicated a note colected by the bank of $1,900 and interest revenue of $75 on June 20 . The bank statement indicated service charges of $34 Requirements: 1. Prepare the necessary joumal entries in the books of 2. Prepare the adjusted cashi book and determine the ending balance based on the 3. Prepare Miguel Company bank reconcilation for June 2017 the information presented. Include a narrationexplanation for journal entry prepared adjustmonts done

Explanation / Answer

Solution 1:

Solution 2:

Solution 3:

Journal Entries - Miguel Company S. No. Particulars Debit Credit 1 Cash A/c Dr $1,900.00       To Notes Receivables $1,900.00 (Being note collected by bank) 2 Cash A/c Dr $75.00       To Interest Income $75.00 (Being interest credited by bank) 3 Accounts receivables Dr $79.00       To Cash $79.00 (Being check dishonoured by bank) 4 Service Charges Dr $35.00        To Cash $35.00 (Being bank charges debited by bank)

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