Question Help Instructor-created question King Appliance Center-Nantucket has ju

Question

Question Help Instructor-created question King Appliance Center-Nantucket has just purchased a franchise from King Appliance Center (KAC) (Click the loon to view the additional information.) Following is the chart of accounts for King Appliance Center Nantucket. As a new business all beginning balances are $O. (Cick the loon to view the chart of accounts.) Requirement 2 lt is a common business practice at the end of the year, based on an annual summary. Reconcile the bank aooount by comparing the the general ledger Record jounal entries as needed and post to the general ledger. Use transaction z as the posting reference. Start by reconoliling checking account will be done to reconcile the bank accounts on a monthly basis. However, in this problem, the reconciliation of the company's following annual summary statement from Nantucket National Bank to the Cash account in the bank account by comparing statement from Nantucket National Bank to the Cash account in the goneral ledger. For any outstanding etteridescriptions in lieu of check numbers to identify each outstanding payment (Click the loon to view the Cash T40ount) (Chthion to view the bank statement ) King Appliance Ce ucket Bank Reconciliation December 31, 2018 BOOKS BANK Austed bank balance. Jan 1,2018 ADD: ADD Interest Revenue Deposit in transit LESS: LESS

Explanation / Answer

Bank Reconciliation Balance ,dec 31,2018 437,995 Balance ,dec 31,2018 518,784 Add: Add: Deposits in transit 175,950 interest revenue 1,500 613,945 520,284 less: less: outstanding cheques Service charge 1,800 w 136 EFT payment to bank checks 75 x 12,000 1875 y 83,400 95,536 Adjusted bank balance,dec 31, 518,409 Adjusted book balance,dec31,2018 518,409 2018 journal Entries Date Account titles & Explanations Debit Credit 1) Cash 1,500 interest revenue 1,500 2) Bank expense 1,875 cash 1,875

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