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Q1) Following information is available to help you in preparing bank reconciliation for Frank Industries for September 2009. All cash receipts are banked intact twice a week (Wednesday and Saturday) and all the payments are made by check. Firm's ledger account for cash and bank statement for September 2009 are available below. Listed on August 2009 bank reconciliation were unpresented checks # 727 for $3,200, #735 for $2,200 and #736 for $800.

BANK STATEMENT

Date

Details

Checks

Deposits

Balance

Aug. 31

 

 

 

$33,200

Sept. 2

#739

300

6,200

39,100

Sept. 4

#735

2,200

 

36,900

Sept. 7

#742

600

5,400

41,700

Sept. 10

#727

3,200

 

 

 

#741

1,600

8,900

45,800

Sept. 11

#740

2,100

 

43,700

Sept. 14

NSF Check 9/7/09

650

5,200

 

 

Fee on NSF check

30

 

48,220

Sept. 16

#744

3,700

6,700

51,220

Sept. 18

#745

5,400

 

45,820

Sept. 21

#743

7,600

6,200

44,420

Sept. 23

 

 

3,800

48,220

Sept. 29

#748

4,300

4,200

48,120

Sept. 30

Interest

 

20

 

 

Bank service fees

60

 

48,080

 

Cash

Balance 9/1/09

27,000

9/2/2009

Check #739

300

9/2/2009

6,200

9/4/2009

#740

2,100

9/9/2009

8,900

9/9/2009

#742

600

9/16/2009

6,700

9/16/2009

#744

3,700

9/19/2009

6,200

9/18/2009

#745

5,400

9/23/2009

3,800

9/23/2009

#746

4,200

9/26/2009

4,200

9/28/2009

#747

700

9/30/2009

4,900

9/29/2009

#748

4,300

            Balance 2/28/09         48,000

1. Why is opening balance in cash ledger account ($27,000) different than opening balance on bank statement ($33,200)?

2. Make a list of the outstanding checks as at September 30, 2009.

3. Make bank reconciliation for September 2009 in good form.

4. Make the essential journal entries in books of Frank Industries as at Septembet 30, 2009 as required by bank reconciliation.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916928

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