Question

Saved Help Save & Exit Submit Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $66,866. The general ledger Cash account, No. 101, shows an ending cash balance per books of $67,340 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. a. The bank erroneously cleared a $480 check against the company account in March that S.Rey did not issue. The check was actually issued by Business Systems b. On March 25, the bank statement lists a $53 charge for the safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a $110 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. d. On March 31, the bank statement lists $33 interest earned on Business Solutions's checking account for the month of March. Santana has not yet recorded this revenue. e. S. Rey notices that the check she issued for $136 on March 31, 2020, has not yet cleared the bank. f. S. Rey verifies that all deposits made in March do appear on the March bank statement. Required: 1. Prepare a bank reconciliation for Business Solutions for the month ended March 31, 2020. BUSINESS SOLUTIONS Bank Reconciliation March 31, 2020 Book balance Bank statement balance Add Add: 0 0 0 S 0 Deduct: Deduct Next > 2 of 6 <Prev

Answer 1

Business Solution Banl Recociliation March 31 2020 Particulers Particulers Amount Amount Amount Amount $66,866 $ 67,340 Bank Statement balance Book Balance Add: Add: $ 33 $ 33 $ 480 $480 Bank Error Bank Interest Deduct: Deduct: $136 $136 $110 Outstanding Checks Charges for check $ 53 $163 Safe Deposit Rental Adjusted Bank Balances $67210 $67210 Adjusted Book Balances

Debit (S) Credit (S) General Journal 31-Mar No Journal entry required Date 31-Mar Misceleneous Expense 53 53 Cash To record safe deposit rental) 31-Mar Misceleneous Expense 110 Cash 110 To record Check printing charges) 31-Mar Cash 33 Interest revenue 33 To record interest earned) 31-Mar No Journal entry required 31-Mar No Journal entry required