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The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2007 bank statement included the following information:

Balance, October 1,2007 32,690

Deposit 86,000

Checks proceeds (75,200)

Service charges (350)

NSF Checks (1,600)

Monthly loan payment deducted

directly by bank from account
(includes $400 in interest) (3,400)

Balance, October 31,2007 38,140

The company's general ledger cash (checking) account had a balance of $42,544 at the end of October. Deposits outstanding totaled $4,224 and all checks written by the company were processed by the bank except for those totaling $5,620. In addition, a check for $500 for the purchase of office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October.

Required:

1. Prepare a bank reconciliation for the month of October.

2. Prepare the necessary journal entries at the end of October to adjust the general ledger cash account.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9430919

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