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Create bank reconciliation as of 31 Oct from following

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

b) Oct 31 balance on bank statement is 373

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

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

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

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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917921

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