CHAPTER 7 Internal Contral and Cash Problem 7-8A Preparation of reconc a bank re

Question

CHAPTER 7 Internal Contral and Cash Problem 7-8A Preparation of reconc a bank reconcillation and recording adjustments LO6 CHECK FIGURE: a. Adjusted book balance $100.488 owned by Ron Stewart, showed the following bank reconcililation at March 31 Stewart Recording Studio illation March 31, 2017 $30,945 Bank statement balance $22,100 Book balance. Deposit of March 31 in transit. $32,100 Outstanding cheques: #14 #22 . $840 " $30,945 "- Adjusted bank batance315 1.155 $30,945 Adjusted book balance Acct. No. 101 Date 2017 30,945 102,385 Mar. 31 Balance Ap 30 1.172 11,213 30 CD13 A list of deposits made and cheques written during April, taken from the cash receipts journal and cash disbursements journal, is shown below: Deposits Made Cheques Written April.690 No. 235,200 13. 4,600 18... 5,900 23 … 13,900 1.750 44,600 Total April Cash Receipts.. $71.440 24 3,150 25 26 274,230 284,900 2. 19,630 3041,000 31....412 310 27, 3211.400 Total April Cash Disbursements.. $91,172

Explanation / Answer

a.

b.

Stewart Recording Studio Bank Reconciliation April 30, 2017 Bank statement balance 110113 Book balance 11213 Add: Add: Deposit of April 30 in transit 44600 Owner's contribution credited by bank 120000 Error in recording check #28 4500 49100 131213 159213 Deduct: Deduct: NSF check 14200 Outstanding checks: Bank Loan repayment 15900 #14 840 Interest on bank loan 450 #22 315 Bank service charge 175 30725 #25 940 #27 4230 #30 41000 #32 11400 58725 Adjusted bank balance 100488 Adjusted book balance 100488

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