Please i need help on this question. answer accordingly just as in the question.
ID: 2334997 • Letter: P
Question
Please i need help on this question. answer accordingly just as in the question. thank you.
(2i)
(2ii)
The following information is available for Pyle Garage for March 2018 BANK STATEMENT HAZARD STATE BANK 215 MAIN STREET HAZARD, GA 30321 Pyle Garage 629 Main Street Account number 62-00062 March 31, 2018 HAZÄRD, GA 30321 Beginning balance 3/1/2018 Total deposits and other credits Total checks and other debits Ending balance 3/31/2018 $9,083 30,155 25,113 14,125 Checks and Debits Deposits and Credits Check No Amount Date Amount 1463 1464 1465 1466 1467 DM 1468 $3,805 1,693 8,050 2,951 1,455 6,230 69 860 March 1 $1,150 6, 554 4,987 6,219 6,013 2,134 3,098 March 2 March 6 March 12 March 17 March 22 CM The following is a list of checks and deposits recorded on the books of Pyle Garage for March 2018Explanation / Answer
b) The adustments above will increase the cash account from 13060 to 15,379 , majorly due to note receiveable collected by bank for $3098, the correction needs to be made for $ 710, since the check was wrongly entered in books for 150, whereas it was for $860, also cash balance will be reduced for bank service charges of $ 69,debited by bank.
There should not be any impact for deposit in transit and oustanding check for february as this difference might already be accounted for in february Bank Reconciliation statement.
PYLE GARAGE Bank Reconciliation March 31,2018 $ $ Unadjusted bank balance on March 31, 2018 (Cr) 14,125 less: Oustanding checks (check 1469,1470) (2,339) Add: Deposits in transit 3,593 1,254 True cash balance on 31st March'2018 15,379 Unadjusted book balance , March 31,2018 13,060 Add: Notes receivable collected by bank (Cm) 3,098 less: Bank service charges (69) less: error in Company's cash account for check 1468 (710) 2,319 True cash balance on 31st March'2018 15,379