This is an example of one of the questions
Bank Reconciliation and Entries
Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.
BANK RECONCILIATION FOR PRECEDING MONTH (DATED JUNE 30):
Cash balance according to bank statement $9,422.80
Add deposit of June 30, not recorded by bank 780.80
$10,203.60
Deduct outstanding checks:
No. 580 $310.10
No. 602 85.50
No. 612 92.50
No. 613 137.50 625.60
Adjusted balance $9,578.00
Cash balance according to company’s records $9,605.70
Deduct bank service charges 27.70
Adjusted balance $9,578.00
CASH ACCOUNT:
Balance as of July 1 $ 9,578.00
CASH RECEIPTS FOR MONTH OF JULY 6,465.42
DUPLICATE DEPOSIT TICKETS:
Date and amount of each deposit in July:
Date Amount Date Amount Date Amount
July 2 $569.50 July 12 $580.70 July 23 $ 713.45
5 701.80 16 600.10 26 601.50
9 819.24 19 701.26 31 1,177.87
CHECKS WRITTEN:
Number and amount of each check issued in July:
Check No. Amount Check No. Amount Check No. Amount
614 $243.50 621 $309.50 628 $837.70
615 350.10 622 Void 629 329.90
616 279.90 623 Void 630 882.80
617 395.50 624 707.01 631 1,081.56
618 435.40 625 158.63 632 325.40
619 320.10 626 550.03 633 310.08
620 238.87 627 381.73 634 241.71
Total amount of checks issued in July $8,379.42
Click here to see JUNE BANK STATEMENT.
Required:
Question Content Area
1. Prepare a bank reconciliation as of July 31. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable. When required, enter amounts in dollars and cents.
