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Create bank reconciliation as of 31 Oct from the following:

a) $844: Oct 31 cash balance in the general ledger.

b) 373: Oct 31 balance on bank statement.

c) Checks issued but not returned with bank statement were No. 462 for $13 and No.483 for $50.

d) A deposit made late on October 31 for $450 is included in general ledger balance but not in a bank statement balance.

e) Returned with bank statement was a notice that a customer's check for $75 that was deposited on Oct 25 had been returned as the customer's account was overdrawn.

f) Throughout the review of checks which were returned with bank statement, it was stated that amount of check No. 471 was $65 but the records of company is supporting general ledger balance, check was mistakenly recorded as the payment of account payable in the amount of $56.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M910152

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