BANK RECONCILIATION the statement date, and the last workday of the month. Enter

Question

BANK RECONCILIATION the statement date, and the last workday of the month. Enter the cash balance from the tríal balance as the book balance, and $70,919.23 as the bank statement balance. Additional 1. A late deposit of $11,225.00 was not listed on the bank statement. 2. Accrued interest camed on the checking account totals $63.80 3· The debit memo from, the bank for miscellaneous account services (charged to Bank Service Charges) totals $45.60 4. During the month of June, customers purchased $11,278.44 in merchandise and services using their bank credit cards. A debit memo with the bank statement charges Granite Bay Jet Ski 3% of the total of these sales receipts as a credit card fee (Credit Card Expense). On all calculations remember to round your answer to the nearest cent. 5. Checks 31235, 31236, and 31237 were not returned with the bank statement. Using the Journalize Daily Entries option, record the required transactions resulting from the bank reconciliation. Since the entries are updating the balance of the is being issued, when the system asks for a check number number is requested for the interest earned, or bank service charge, also Statement for June). KS06 an invoice 06 Print a copy of the Trial Balance! THIS IS THE TRIAL BALANCE THAT WILL BE USED WHEN RECORDING THE ADJUSTING ENTRIES FOR THE BUSINESS! DO YOUR TOTALS MATCH THESE FINAL CHECK FIGURES? 1. The June 30 Trial Balance After the Bank Reconciliation balance is $747,026.11. 2. The new balance of the Cash account is $81,521.62. 3. Bank Service Charges totals $120.60, Interest Earned totals $280.80, and Credit Card Expense totals $1,694.07. If your balances match all of the check figures, you are ready to record the adjusting entries for June 30, the end of the quarter. g0 Granite Bay Jet Ski, Inc., Level -Module 4 s* Edition, Copyright © 2010 PKL Software, Incorporated. All rights reserved. Lust Revised. oi 29, 214

Explanation / Answer

Journal entries:

BANK RECONCILIATION GRANITE BAY JET SKI INCORPORATED JUNE 30 Book Balance: 81841.77 Add: Accrued interest 63.80 Total $ 81905.57 Deduct: Credit Card Expense 338.35 Bank Service Charges 45.60 383.95 Reconciled Book Balance $ 81521.62 Bank Balance: 70919.23 Add: Deposits in transit 11225.00 Total $ 82144.23 Deduct: Outstanding checks Check No. 31235 115.5 Check No. 31236 409.06 Check No. 31237 98.05 622.61 Reconciled Bank Balance $ 81521.62

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