Question

Homework: Chapter 7 Assignmnet Score: 0 of 1 pt 7 of 7 (4 complete) CP7-36 (book/static) Canyon Canoe Company rents canoes for use on local lakes and rivers and also carries and sells T-shirts with its logo printed on them. Canyon Canoe Company has decided to open a new checking account at River Nations Bank during March 2019. Canyon Canoe Company's March Cash T-account for the new cash account from its general ledger is as follows: (Click the icon to view the T-account.) Canyon Canoe Company's bank statement dated March 31, 2019, follows: E: (Click the icon to view the bank statement.) Read the requirements. Requirement 1. Prepare the bank reconciliation at March 31, 2019. Data Table - X Canyon Canoe Company Bank Reconciliation for River Nations Bank Checking Account March 31, 2019 BANK i Data Table Beginning Balance, March 1, 2019 Deposits and other credits: Mar. . X $ 10,000 2,325 14 ADD: 2,750 Cash-River Nations Bank Checking Account A50 LESS: Mar. 1 Balance 2 Deposit 13 Deposit 20 Deposit 27 Deposit 31 Deposit 10,000 2,325 2,750 4,500 3,490 55 200 4,300 750 1,675 1,500 175 300 Mar. 2 Ck#101 4 Ck#102 9 Ck#103 14 Ck#104 21 Ck#105 28 Ck#106 30 Ck#107 750 29 EFT Sports Shirts 31 Interest Revenue 20,120 Checks and other debits: 2 EFT to Bank Checks** 3 Ck#101 200 6 Ck#102 4,300 15 Ck#104 1,675 16 Ck#103 28 EFT to Rivers Energy*** 270 29 Ck#106 175 31 Bank service charge 70 (7,495) $ 12,625 Ending Balance, March 31, 2019 Sports Shirts is a customer making a payment on account. Bank Checks is a company that prints business checks (considered a bank expense) for Canyon Canoe Company. *** Rivers Energy is a utility provider. Mar. 31 Balance 14,165 Print Print Done Done Choose from any list or enter any number in the input fields and then click Check Answer. Print Done 2 O parts remaining

Answer 1

Solution 1:

Canyon Canoe Company
Bank Reconciliation - March 31
Bank's Cash balance		Company's cash balance
Particulars	Amount	Particulars	Amount
Ending balance as per Bank Statements	$12,625.00	Ending Balance as per cash books	$14,165.00
Additions:		Additions:
Outstanding Deposits	$3,490.00	EFT collection	$500.00
		Interest revenue	$45.00
Deductions:		Deductions:
Outstanding Checks (Check 105 and 107)	$1,800.00	EFT - Printing check	$55.00
		EFT - Utility payment	$270.00
		Bank service charge	$70.00
Up to date cash balance as per bank	$14,315.00	Up to date cash balance as per books	$14,315.00