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Exercise 9.7 Preparing a bank reconciliation statement. LO 9-9 Di Stefano Office Supply Company received a bank statement showing a balance of $67,705 as of March 31, 2019. The firm's records showed a book balance of $69,451 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $44, which covers the bank's collection fee for the note. 2. A deposit in transit of $3,400. 3. A check for $242 issued by another firm that was mistakenly charged to Di Stefano's account. 4. A debit memorandum for an NSF check of $6,105 issued by Wozniak Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $1,900; Check 3840 for $145. 6. A credit memorandum for a $6,000 noninterest-bearing note receivable that the bank collected for the firm.

Exercise 9.7 Preparing a bank reconciliation statement. LO 9-9 Di Stefano Office Supply Company received a bank statement showing a balance of $67,705 as of March 31, 2019. The firm's records showed a book balance of $69,451 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $44, which covers the bank's collection fee for the note. 2. A deposit in transit of $3,400. 3. A check for $242 issued by another firm that was mistakenly charged to Di Stefano's account. 4. A debit memorandum for an NSF check of $6,105 issued by Wozniak Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $1,900; Check 3840 for $145. 6. A credit memorandum for a $6,000 noninterest-bearing note receivable that the bank collected for the firm.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.3BE
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Exercise 9.7 Preparing a bank reconciliation statement. LO 9-9 Di Stefano Office Supply Company received a bank statement showing a balance of $67,705 as of March 31, 2019. The firm's records showed a book balance of $69,451 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $44, which covers the bank's collection fee for the note. 2. A deposit in transit of $3,400. 3. A check for $242 issued by another firm that was mistakenly charged to Di Stefano's account. 4. A debit memorandum for an NSF check of $6,105 issued by Wozniak Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $1,900; Check 3840 for $145. 6. A credit memorandum for a $6,000 noninterest-bearing note receivable that the bank collected for the firm.
Transcribed Image Text:Exercise 9.7 Preparing a bank reconciliation statement. LO 9-9 Di Stefano Office Supply Company received a bank statement showing a balance of $67,705 as of March 31, 2019. The firm's records showed a book balance of $69,451 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $44, which covers the bank's collection fee for the note. 2. A deposit in transit of $3,400. 3. A check for $242 issued by another firm that was mistakenly charged to Di Stefano's account. 4. A debit memorandum for an NSF check of $6,105 issued by Wozniak Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $1,900; Check 3840 for $145. 6. A credit memorandum for a $6,000 noninterest-bearing note receivable that the bank collected for the firm.
Prepare a bank reconciliation statement for the firm as of March 31. DI STEFANO OFFICE SUPPLY COMPANY Bank Reconciliation Statement March 31, 2019 Balance on bank statement Additions: Total Deductions: Total outstanding checks Adjusted bank balance Balance in books Additions: Deductions: Adjusted book balance Prepare the necessary journal entries for March 31, 2019 from the statement. (If no entry is required for a particular transactic "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Date Mar 31, 2019 3 Record the bank collection fee. Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 Debit Credit View general journal >
Transcribed Image Text:Prepare a bank reconciliation statement for the firm as of March 31. DI STEFANO OFFICE SUPPLY COMPANY Bank Reconciliation Statement March 31, 2019 Balance on bank statement Additions: Total Deductions: Total outstanding checks Adjusted bank balance Balance in books Additions: Deductions: Adjusted book balance Prepare the necessary journal entries for March 31, 2019 from the statement. (If no entry is required for a particular transactic "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Date Mar 31, 2019 3 Record the bank collection fee. Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 Debit Credit View general journal >
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