Question

rrepare GTR ROLURILEHELTUIT At April 30, the balance of the Cash account according to the records of Zip company was $42,306. The April 30 bank statement showed a balance of $57,849. Deposit in transit at April 30, $10,500. b. Outstanding checks: no. 493, $3,360; no. 496 $1,840; no. 497, $1,400; no. 499, $2,830; no. 492, 59,275. C. Service charge by bank, $70. d. A note receivable for $8,700 left by Zip Company with bank for collection that had been collected and credited to company's account. No interest involved. e. A check for $500 drawn by customer, Martin Able, but deducted from Zip's account by the bank and returned with the notation "NSF." f. Zip's check no. 480, issued in payment of $3,810 worth of office equipment, correctly written in the amount of $3,810 but erroneously recorded in Zip's accounting records as $3,018. You are to prepare the bank reconciliation of Zip Company at April 30, using the above supplementary information: ZIP COMPANY Bank Reconciliation April, 30 20xx Balance Per Bank Statement, April 30 Adjusted Balance Balance Per Depositor's Records Adjusted Balance

Answer 1

Zip Company
Bank Reconcillation
April 30, 20xx
Balance as per Bank		$57,849
Add: Deposit in Transit		$10,500
Less: Outstanding Checks:
Check No: 493	$3,360
Check No: 496	$1,840
Check No: 497	$1,400
Check No: 499	$2,830
Check No: 492	$9,275	$18,705
Adjusted Bank Balance		$49,644
Balance as per Depositor's Records		$42,306
Add:
Note Receivable Collected by Bank		$8,700
Less:
NSF Check	$500
Bank Service Fee	$70
Errors in company's Cash account (3810 -3018)	$792	$1,362
Adjusted Book Balance		$49,644

Journal Entry
S. No	Account Tittle	Debit	Credit
	Cash	$8,700
	Notes receivables		$8,700
	Accounts Receivables	$500
	Bank service Charges	$70
	Accounts Payables	$792
	Cash		$1,362