can anyone help with this? Problem 3 Bank Reconciliation 18 points Clark Corp. p

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can anyone help with this?

Problem 3 Bank Reconciliation 18 points Clark Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for May, 2014, indicated the following: Balance, May 31, 2014 Service c 60 100 NSF check from Nark Co Note ($4,000) and interest ($180) collected for Clark from a customer of 4,180 An analysis of canceled checks and deposits and the records of Clark revealed the following items: Checking account balance per Clark's books Outstanding checks as of May 31 Deposit in transit at May 31 Error in recording check #205 issued by Clark $58,570 6,630 780 360 The correct amount of check #205 is S590, but it was recorded as a cash disbursement of $950. The check was issued to pay for merchandise purchases. The check appeared on the bank statement correctly Complete the bank reconciliation in the schedule below at May 31, 2014, in proper form. Balance per bank statement, May 31 Add Deduct: Adjusted balance, May 31 Balance per books, May 31 Add Deduct Adjusted balance, May 31

Explanation / Answer

Balance per bank statement, May 31 65000 Add: deposit in transit 2780 Less: outstanding checks 6630 Adjusted balance, May 31 61150 Balance per books, May 31 58570 Add: interest earned 100 Note and interest collection 4180 Correction of error-check 360 4640 Deduct: NSF check 2000 Service charges 60 2060 Adjusted balance, May 31 61150

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