Question

AutoSumA7 Insert Delete Format Cell Styles Clear - Sort & Filter Find & Select Cells ਸ ਮੇਤth || Home Insert Page Layout Formulas Data Review View Calibri - 11 -A A - Wrap Test Be Copy Paste Conditional Format - inter BLUE Format Painter A % E Merge & Center Formatting as Table Clipboard Alignment B32 CAMALALAM 1 Problem 4.1 2 3. The following information is available for the Savvy Company for the month of June. 4 a On June 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $17,202 Sb. The company's bank statement shows a balance on June 30 of $19.279. 6 c. Outstanding checks at June 30 total $2.984 7 d. The bank collected $770 on a note receivable that is not yet recorded by Savvy Company 8 e. A $67 NSF check from a customer, J. Maroon is shown on the bank statement but not yet recorded by the company 9 E A deposit placed in the bank's night depository on June 30 totaling $1,675 did not appear on the bank statement 10 g. Comparing the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an 11account payable was correctly written for $2,450, but was recorded in the accounting records as $2.540. 12 h Inchided with the bank statement was a bank service charge in the amount of $25 It has not been recorded on the company's books 14 1. Prepare the June bank reconciliation for the Savvy Company 15 2. Prepare the general journal entries to bring the company's book balance of cash into conformity with the reconciled balance as of June 30 (see next worksheet) 17 1 Bank Reconcilation (16 points) Savvy Company Bank Reconcilation 30-Jun 17,202 22 Bank Statement Balance 23 Add: instructions Problem Ready 19,279 Book Balance Add: Problem 21 Problem 3. Problem 1.1 Problem

Answer 1

1. Savvy Company

Bank Reconciliation Statement on June 30

Particulars	Amount	Particulars	Amount
Bank Satement Balance	$ 19,279	Book Balance	$ 17,202
Add: Deposit in Transit	$ 1,675	Add: Collect a Note :	$ 770
		Add: Error in Cheque # 3,445	$ 90
	$ 20,954		$ 18,062
Less: Outstanding Cheque	$ 2,984	Less : NSF Cheque	$ 67
		Less:	$ 25
Adjusted Bank Balance	$ 17,970	Adjusted Book Balance	$ 17,970

2.   

Date	Account Title and Explanation	Debit	Credit
June 30	Cash	$ 770
	Note Receivable		$ 770
June 30	Cash	$ 90
	Accounts Payable		$ 90
June 30	Accounts Receivable - J Maroon	$ 67
	Cash		$ 67
June 30	Miscellaneous Expense	$ 25
	Cash		$ 25