art 4: Bank Reconciliation (30 Points) heollowing information is available for W

Question

art 4: Bank Reconciliation (30 Points) heollowing information is available for Williams Corporation for the month of No727.40. . Williams Corporation's bank statement shows a balance on November 3ce ·Williams Corporation's cash account in its books showed an November 30 bal ember of c. d. e. $41,189.60. Deposits in transit totaled $3,002.00 on November 30. Checks totaling $4,027.00 were outstanding at the end of November. Included among the deposits was a $5,600 note plus $140.00 interest collected by the bank on behalf of Williams Corporation f. A debit memo was included with the bank statement bank was or a check $195.00 from a cha t Sufficient customer that was subsequently returned to Williams's bank and marked Not Funds.' The bank statement included a charge against the account in the services charges that were not yet recorded on the corporation's books. Instructions: amount of s22.20 for bank g· ot yet recordednt the 1. Prepare a bank reconciliation for November 30, 2017 Williams Corporation Bank Reconciliation as of November 30,201 Balance per bank Adjusted book balance Balance per books Adjusted book balance the necessary journal entry to adjust the cash account based on the bank 2. reconcillatioA Account Titles and Explanations Debits Credits

Explanation / Answer

SOLUTION

1. Bank Reconciliation statement-

2. Journal Entires-

Particulars Amount ($) Particulars Amount ($) Bank balance 47,737.40 Book balance 41,189.60 Add: Deposits in transit 3,002 Add: Note plus interest (5,600+140) 5,740 50,739.40 46,929.60 Less: Outstanding checks (4,027) Less: Wrong posting by bank (195) Service charges (22.20) Adjusted bank balance 46,712.40 Adjusted book balance 46,712.40

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.