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The cash account for Bonita Medical Co. at September 30, 2008, indicated a balance of $5,335.30. The bank statement indicated a balance of $5,604.60 on September 30, 2008. Comparing the bank statement and the accompanying canceled checks and memoranda with the records revealed the following reconciling items:

a.) Checks outstanding totaled $4,790.45

b.) A deposit of $9,226.15, representing receipts of Sept 30, had been made too late to appear on the bank statement.

c.) The bank had collected $7,725 on a note left for collection. The face of the note was $7,500.

d.) A check for $4,315 returned with the statement had been incorrectly recorded by Bonita Medical Co. as $3,415. The check was for the payment of an obligation to Rowe Co. for the purchase of office eqiupment on account.

e.) A check drawn for $230 had been erroneously charged by the bank as $2,300.

f.) Bank service charges for September amounted to $50.

1.) PREPARE A BANK RECONCILIATION

2.) JOURNALIZE THE NECESSARY ENTRIES. THE ACCOUNTS HAVE NOT BEEN CLOSED.

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  • Category:- Accounting Basics
  • Reference No.:- M946109

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