Question

calcio corners bank reconciliation

Question 1. (Total Marks 15). Racer International Unadjusted Trial Balance is given below: Trial Balance as at 31 March 2015 Debit-s Credit- Cash 4300 Accounts Receivable 15100 Prepaid Rent 2300 Supplies 1000 Equipment 30600 Accumulated Depreciation 3900 Accounts Payable 6400 Salary Payable Uneared Service Revenue 9800 Racer, Beginning Capital 23000 Racer Drawings 4100 Service Revenue 17300 Salary Expense 3000 Rent Expense Depreciation Expense Supplies Expense Total 60400 60400 Adjusting data as at 31 March 2015: 1. Unearned service revenue still unearned $ 500 2. Prepaid rent still in force $ 2000 3. Supplies used during the month $ 800 4. Depreciation for the month $ 400 5. Accrued salary expense S 600 Requirements

Answer 1

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Racer International
Adjusting Entries
Account	Debit $	Credit $
Unearned Service Revenue	9,300.00
Service Revenue		9,300.00
Rent Expense	300.00
Prepaid Rent		300.00
Stores Supplies Expense	800.00
Stores Supplies		800.00
Depreciation expense	400.00
Accumulated Depreciation		400.00
Salary Expense	600.00
Salary Payable		600.00

Adjusted Trial Balance	Unadjusted	Adjustments	Adjusted
Account Titles	Debit $	Credit $	Debit $	Credit $	Debit $	Credit $
Cash	4,300.00				4,300.00
Accounts Receivable	15,100.00				15,100.00
Prepaid Rent	2,300.00			300.00	2,000.00
Supplies	1,000.00			800.00	200.00
Equipment	30,600.00				30,600.00
Accumulated Depreciation		3,900.00		400.00		4,300.00
Accounts Payable		6,400.00				6,400.00
Salary Payable				600.00		600.00
Unearned Service Revenue		9,800.00	9,300.00			500.00
Racer , Capital		23,000.00				23,000.00
Racer, Drawings	4,100.00				4,100.00
Service Revenue		17,300.00		9,300.00		26,600.00
Salaries Expense	3,000.00		600.00		3,600.00
Rent Expense			300.00		300.00
Depreciation Expense			400.00		400.00
Supplies Expense			800.00		800.00
Total	60,400.00	60,400.00	11,400.00	11,400.00	61,400.00	61,400.00

Wards
Bank reconciliation statement	Amount $			Amount $
Ending Balance as per bank statement	4,870.00		Ending cash Balance as per books	2,900.00
Add:			Add:
Deposit in transit	350.00		ETF deposit	1,300.00
Point 8. Cheque drawn erroneously	1,000.00		Dividend Revenue	970.00
			Interest Earned	80.00
Less:			Less:
Outstanding checks	1,510.00		Dishonored checks	510.00
			Service charges	30.00
Reconciled balance as per bank	4,710.00		Reconciled balance as per books	4,710.00