On 30 June 2007, Valencia Corporation had a cash balance in its general ledger of $11,595. The company’s bank statement showed a 30 June balance of $12,540. The following facts have come to your attention: (a) Valencia Corporation, 30 June deposit of $2,5
On 30 June 2007, Valencia Corporation had a cash balance in its general ledger of $11,595. The company’s bank statement showed a 30 June balance of $12,540. The following facts have come to your attention:
(a) Valencia Corporation, 30 June deposit of $2,500 was not included on the bank statement because it was dropped in the night depository after bank hours on 30 June.
(b) The bank service charge for the month was $40.
(c) The bank collected a note receivable of $2,000 for Valencia Corporation along with an additional $58 for interest. The bank deducted a $10 fee for this service. Valencia Corporation had not accrued any interest on the note.
(d) Valencia’s book-keeper erroneously recorded a payment to Federal Company for $892 as $829. The cheque cleared the bank for the correct amount of $892.
(e) Valencia’s outstanding cheques at 30 June totalled $1,500.
• Prepare a bank reconciliation as at 30 June.
• Prepare the journal entries needed to update the general ledger accounts.
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On 30 June 2007, Valencia Corporation had a cash balance in its general ledger of $11,595. The company’s bank statement showed a 30 June balance of $12,540. The following facts have come to your attention: (a) Valencia Corporation, 30 June deposit of $2,5
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