Please solve this. (b) Jounalze the entries requred by the reconciliation 6. Lyl
ID: 2556120 • Letter: P
Question
Please solve this.
(b) Jounalze the entries requred by the reconciliation 6. Lylenn Bost bank of $7,000. The company's Cash account in the general ledger had a balance of September 30. Other information is as follows: ompany's bank staterment for the month of September shawed a balance per (1) Cash receipts for September 30 recorded on the company's books were $5,700 but this amount does not appear on the bank statement. (2) The bark statement shows a debit memorandum for $40 for check printing charges (3) Check No 119 payable to Mann Company was recorded in the cash payments journal and cleared the bank for $248. A review of the accounts payable subsidiary ledger shaws a $36 credt balance in the account of Mann Company and that the payment to them shouid have been for $2B4. (4) ) The total amount of checks sill outstanding at September 30 amounted to $5,000. heck No. 138 was correctly witten and paid by the bank for $409. The cash payment journal refiects an entry for Check Na. 138 as a debt to Accounts Payable and a credit to Cash in Bank for $49D (6) The bank returned an NSF check from a customer for $360. (7) The bank included a credit memarandum for $2,560 which represents collection of a customer's note by the bank for the company: principal amount of the note was $2,500 and interest was $80 Interest has not been accrued Instructions (a) Prepare a bank reconciliation for Lyleen Boat Company at September 30. (b) Prepare any adjusting entries necessary as a result of the bank reconciliationExplanation / Answer
a.
b.
Balance per bank $7000 ADD : deposits in transit 5700 LESS : outstanding checks (5000) Adjusted balance per bank $7700 Balance per cash account $ 5459 ADD : error correction (490 - 409) 81 LESS : printing charges (40) LESS : NSF check (360) ADD : collection of a note 2500 ADD : collection of interest 60 Adjusted balance per cash account $7700