Problem The bank statement for Jones Company for June 30, 2017 indicates a balan

Question

Problem The bank statement for Jones Company for June 30, 2017 indicates a balance of $9,143.11. The accounting records indicate a balance of $4,526.25. a. The bank had collected for the company $1,030 ona customer's note left for collection. The face value of the note was $1,000. b. A deposit of $1,852.21 representing receipts of June 30 had been too late to appear on the bank statement. c. Checks outstanding totaled $5,265.27 d. A check drawn for rent of $157 had been incorrectly charged by the bank as $175 e. A check of $30 was returned with the bank statement had been recorded in the company's records as $300. The check was for the payment of an obligation to Avery Equipment for the purchase of office supplies on account. f. Bank service charges for June amounted to $78.20 Required: 1. Prepare a bank reconciliation for the month of June 30. 2. Determine the true cash balance

Explanation / Answer

Jones Company Bank Reconciliation Statement for June 30 2017 Particulars Amount Amount Balance as per Book (A) $4,526.25 Add: Outstanding Cheques $5,265.27 Wronly recorded of Cheque ($ 300 - $ 30 ) $270.00 Note with interest is collected directly by the bank $1,030.00 Total of Addition (B) $6,565.27 Total (C = A + B) $11,091.52 Less: Deposit but recorded in bank $1,852.21 Wronly recorded of Cheque ($ 175 - $ 157) $18.00 Bank charges not taken in the books $78.20 D = Total of Deuctible $1,948.41 Balance as per bank Statement (C+D) $9,143.11

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