Prepare the Dickson Automotive bank reconciliation at April 30 2. Prepare the jo
ID: 2419436 • Letter: P
Question
Prepare the Dickson Automotive bank reconciliation at April 30
2. Prepare the journal entries required
3. Describe how a bank account and the bank reconciliation help the general manager
- (Lee So WXB, Session 5 Chapte 4-AC ×YD Do Homework-Min Kyun × 1 Inbox (425)-lee1239115 M Inbox (111)-lee154@iv × https://www.mathxl.com/Student/PlayerHomework.aspx?homeworld-340730702&questionId;=1&flushed-false;&cld-3756949;&back-DoAssignments.aspx;&fromF; MyAccountingLab Homework: Chapter 4 Problem Assignment Min Kyung Lee 2/9/16 2:03 AM Overview Data Table Exercise Score: 0 of 10 pts Assignment Score: 33.33% (5 of 15 pts) Cash Account No. 101 The cash data of Dickson Automotive for April 2014 follow: Date Item Jrnl. Ref. Debit Credit Balance (Click the icon to view the checkbook.) Apr 1Balance 7,150 16,883 7,503 Dickson Automotive received the following bank statement on April 30, 2014 30 CR 6 9,733 (Click the icon to view the bank statement.) (Click the icon to view the additional data for the bank reconciliation.) 30 CP 11 9,380 Requirements 1. Prepare the Dickson Automotive bank reconciliation at April 30, 2014 2. Prepare the journal entries required at April 30, 2014 3. Describe how a bank account and the bank reconciliation help the general manager control Dickson Automotive's cash Cash Receipts (CR) Cash Pavments (C tor Cash Credit 1,460 1,256 1,730 35 866 106 510 953 185 2,279 9,380 Date Cash Debit 2,757 577 1,628 802 Check No. 3113S 3114 Apr 2 S Balance, April 30, 2014 Add 7503 131 7634 Deposits in transit 3117 3118 3119 3120 3121 3122 Tota S Less Outstanding checks 29 30 Total $ 863 2,666 9,733 Check No 3113 3114 3121 1370 430 411 Adjusted bank balance, April 30, 2014 5423 Choose from any list or enter any number in the input fields, then click Check Answer, Print Done 9 partsr KOWAa .11149 2:03 2016-02-09Explanation / Answer
1 DICKSON AUTOMOTIVE Bank Reconciliation Statement as at April 30,2014 Amount Balance April 30,2014 $ 7,503.00 Add: Deposits and other additions 1-Apr Amount directly deposited into bank(EFT) $ 600.00 23-Apr BC $ 1,350.00 Cheque issued by company but not presented ino the bank for payment 3115 $ 1,730.00 Cheque issued by company but not presented ino the bank for payment 3119 $ 510.00 Cheque issued by company but not presented ino the bank for payment 3120 $ 953.00 Cheque issued by company but not presented ino the bank for payment 3121 $ 185.00 Cheque issued by company but not presented ino the bank for payment 3122 $ 2,279.00 $ 15,110.00 Less: 29-Apr Cheque received but not deposited into bank $ 863.00 30-Apr Cheque received but not deposited into bank $ 2,666.00 13-Apr Amount directly paid by bank $ 1,370.00 14-Apr Amount directly paid by bank $ 430.00 21-Apr EFT $ 411.00 30-Apr Service Charge $ 25.00 $ 5,765.00 Balance as per Bank statement at 30,April 2014 $ 9,345.00 2 JOURNAL ENTRIES Date Particular Debit Credit 1-Apr Bank A/C Dr $600 To EFT $600 13-Apr Amount Paid by Bank $1,370 To Bank A/c $1,370 14-Apr Amount Paid by Bank $1,370 To Bank A/c $1,370 21-Apr EFT $411 To Bank A/C $411 23-Apr Bank A/C Dr $1,350 To BC $1,350 30-Apr SC A/C Dr $25 To Bank A/C $25 3 Bank Account A bank account helps control cash by providing a place where cash can be safely kept.The bank also provides a detailed list of the company's cash transactions that the manager can compare with their own cash control & correct any book errors quickly. Bank Reconciliation The Bank reconciliation helps control cash by ensuing that the company's cash accounts are correctly maintained.Many transation which is directly entered into bank can be done on the company's books of account at the time of preparing bank reconciliation statement .It also provide amount shown in the Balance sheet.