Using the information below, prepare the Bank Reconciliation for the month of August. Be sure to show all supporting work. Outstanding Cheques from Month of July Bank Rec: $ Amt $500.00 Chq # 122 125 $725.00 Ledger Acct #101 - Conexus Credit Union Description 01-Aug-20 Beginning Balance 03-Aug-20 Chq #130 06-Aug-20 Chq #131 08-Aug-20 A/R Collected 22-Aug-20 Chq #132 28-Aug-20 Chq #133 31-Aug-20 A/R Collected Date DR CR Balance $15,000.00 $545.55 $14,454.45 $655.00 $13,799.45 $14,899.45 $797.40 $14,102.05 $400.00 $13,702.05 $14,202.05 | $1,100.00 $500.00 Bank Statement from Conexus Credit Union Description Deposit Withdrawal Balance Date 01-Aug-20 Beginning Balance 03-Aug-20 Chq #122 05-Aug-20 Chq #130 08-Aug-20 Deposit 20-Aug-20 NSF Cheq Adjustment 25-Aug-20 Chq #132 $16,225.00 $500.00 $15,725.00 $545.55 $15,179.45 $16,189.45 $200.00 $15,989.45 $997.40 $14,992.05 $1,010.00 Add'I Info: Chq #132 was properly recorded in the ledger, but the bank recorded the wrong amount. The cheque was to pay for Utilities Expense. The Aug 8, 2020 Deposit was correctly recorded by the bank, but was incorrectly recorded in the ledger. The deposit related to a payment from a customer named Ted. The Aug 20, 2020 NSF Cheque related to adjustment related to a customer (Sally) giving us a bum cheque. Required: A) Prepare Bank Reconciliation for the Month of August, 2020 B) Prepare the required adjusting Journal Entries as a result of the Bank Reconciliation
Using the information below, prepare the Bank Reconciliation for the month of August. Be sure to show all supporting work. Outstanding Cheques from Month of July Bank Rec: $ Amt $500.00 Chq # 122 125 $725.00 Ledger Acct #101 - Conexus Credit Union Description 01-Aug-20 Beginning Balance 03-Aug-20 Chq #130 06-Aug-20 Chq #131 08-Aug-20 A/R Collected 22-Aug-20 Chq #132 28-Aug-20 Chq #133 31-Aug-20 A/R Collected Date DR CR Balance $15,000.00 $545.55 $14,454.45 $655.00 $13,799.45 $14,899.45 $797.40 $14,102.05 $400.00 $13,702.05 $14,202.05 | $1,100.00 $500.00 Bank Statement from Conexus Credit Union Description Deposit Withdrawal Balance Date 01-Aug-20 Beginning Balance 03-Aug-20 Chq #122 05-Aug-20 Chq #130 08-Aug-20 Deposit 20-Aug-20 NSF Cheq Adjustment 25-Aug-20 Chq #132 $16,225.00 $500.00 $15,725.00 $545.55 $15,179.45 $16,189.45 $200.00 $15,989.45 $997.40 $14,992.05 $1,010.00 Add'I Info: Chq #132 was properly recorded in the ledger, but the bank recorded the wrong amount. The cheque was to pay for Utilities Expense. The Aug 8, 2020 Deposit was correctly recorded by the bank, but was incorrectly recorded in the ledger. The deposit related to a payment from a customer named Ted. The Aug 20, 2020 NSF Cheque related to adjustment related to a customer (Sally) giving us a bum cheque. Required: A) Prepare Bank Reconciliation for the Month of August, 2020 B) Prepare the required adjusting Journal Entries as a result of the Bank Reconciliation
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 2AP
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Question
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Transcribed Image Text:Using the information below, prepare the Bank Reconciliation for the month of August. Be sure to show all
supporting work.
Outstanding Cheques from Month of July Bank Rec:
$ Amt
$500.00
Chq #
122
125
$725.00
Ledger Acct #101 - Conexus Credit Union
Description
01-Aug-20 Beginning Balance
03-Aug-20 Chq #130
06-Aug-20 Chq #131
08-Aug-20 A/R Collected
22-Aug-20 Chq #132
28-Aug-20 Chq #133
31-Aug-20 A/R Collected
Date
DR
CR
Balance
$15,000.00
$545.55 $14,454.45
$655.00 $13,799.45
$14,899.45
$1,100.00
$797.40 $14,102.05
$400.00 $13,702.05
$14,202.05
$500.00
Bank Statement from Conexus Credit Union
Description
Date
Deposit
withdrawal
Balance
01-Aug-20 Beginning Balance
03-Aug-20 Chq #122
05-Aug-20 Chq #130
$16,225.00
$500.00 $15,725.00
$545.55 $15,179.45
$16,189.45
08-Aug-20 Deposit
20-Aug-20 NSF Cheq Adjustment
25-Aug-20 Chq #132
$1,010.00
$200.00 $15,989.45
$997.40 $14,992.05
Add'I Info: Chq #132 was properly recorded in the ledger, but the bank recorded the wrong amount.
The cheque was to pay for Utilities Expense.
The Aug 8, 2020 Deposit was correctly recorded by the bank, but was incorrectly recorded
in the ledger. The deposit related to a payment from a customer named Ted.
The Aug 20, 2020 NSF Cheque related to adjustment related to a customer (Sally) giving us
a bum cheque.
Required:
A) Prepare Bank Reconciliation for the Month of August, 2020
B) Prepare the required adjusting Journal Entries as a result of the Bank Reconciliation
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