Question

Data Table a. The August 31 bank balance is $5,180. b. The bank statement includes two charges for NSF checks from customers. One is for $440 (#1), and the other is for $140 (#2). c. The following Wollaston Healthcare checks are outstanding at August 31: Check No. 237 Amount $ 90 288 140 291 550 294 630 295 50 296 50 d. Wollaston collects from a few customers by EFT. The August bank statement lists a $1,600 EFT deposit for a collection on account. The bank statement includes two special deposits that Wollaston hasn't recorded yet: $700 for dividend revenue, and $60 for the interest revenue Wollaston earned on its bank balance during August. f. The bank statement lists a $80 subtraction for the bank service charge. g. On August 31, the Wollaston treasurer deposited $330, but this deposit does not appear on the bank statement. h. The bank statement includes a $400 deduction for a check drawn by Multi-State Freight Company. Wollaston notified the bank of this bank error. i. Wollaston's Cash account shows a balance of $2,700 on August 31.

Answer 1

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Solution : - Requirement I Bonk Reconciliation 1. August 31, 2018 Bank: Amount ($) Amount ($) 5,180 Balance as per Bank Statement Add: wollaster treasurer deposited but not appear in Bonli ft. Deduction of cheque by error Leye: Outstanding cheques. Check No. 207 330 400 730 Outstandit 288 291 1 294 - 295 u 296 badance as at Ay 31 (90) (140) (550) (630) (50) (50) (1510) Adjusted some 2,700 Cash Balonce as per cash account Add : EFT not recorded in Cash Alc Dividend revenue not recorded Interest revenue not recorded Less: NSF charaes : #11 1600 700 60 2,360 NSF charger #2 (440) (140) (so) (660) Bonk service charges 4,400 balance as at Aug 31 I Adjusted cash statecith CallScanner

Solutions Requirement 2 Credit Debit 1,600 1,600 Date I Accounts and explanation Aug 31 Bank Accounts Receivable (being amount received from cus- tomers through EFT ) 700 Aug 31 Bank Dividend | (Being divadeln 700 Revenue dividend received) GO Bank Interest Revenue (Being Interest received) Aug 31 580 580 NSF charges Bank (Being NSF charges of and $140, of #1 and recorded) $440 #2 Bonk Charges Booo (Being book charges recorded) scanned with CamScanner