Question

We just started learning bank reconciliation and the help would he greatly appreciated!!

Bus 211 Financial Accounting Chapter 04 Excel Homework Problem Due Date: September 24, 2020 by 11:59 pm As part of your role as the controller for Lynbrook Security, Inc., you are asked to prepare a monthly bank reconciliation. The information you need to prepare the September 30, 2020 bank reconciliation for Lynbrook is listed below: 1. The ledger account for Cash showed a balance at September 30 of $7,820. 2. The September bank statement showed a closing balance of $6,710. 3. The cash received on September 30 amounted to $7,605. It was left at the bank in the night depository chute after banking hours on September 30 and therefore was not recorded by the bank on the September statement. 4. Also included with the September bank statement was a debit memo from the bank for $30 representing service charges for September 5. A credit memo enclosed with the September bank statement indicated that a non-interest-bearing note receivable for $6,000 from Scan House Properties, left with the bank for collection, had been collected and the proceeds credited to the account of Lynbrook, Inc. 6. Comparison of the paid checks returned by the bank with the entries in the accounting records revealed that check no. 2750 for $580, issued September 10 in payment for rent expense, had been erroneously entered in Lynbrook's records as $850. 7. Examination of the paid checks also revealed that three checks, all issued in September, had not yet been paid by the bank: no. 2810 for $225; no. 2760 for $750; no. 2690 for $680. 8. Included with the September bank statement was a $1,400 check drawn by Sam Thompson, a customer of Lynbrook, Inc. This check was marked "NSF." It had been included in the deposit of September 21 but had been charged back against the company's account on September 30. Instructions a. Prepare a bank reconciliation for Lynbrook, Inc., at September 30, 2020.

Answer 1

Bank Reconciliation Statement for Lynbrook Inc. At Sep 30, 2020 is as follows:

Bank Reconciliation statement of Lynbrook Ine. for the pesiod of 30th september, 2020 Amount16) Amount (3) 7820 6000 2to particulars Balance as per Cash Ledger Add: 5.) credit memo received by Bank but not entered in cash ledges 6.) Excess payment of chasged by Bank compared to actual expense 7.) cheque issued but not presented for payment. cheque non 2810 cheque 2760 cheque no - 2690 225 750 686 7925 15,745 less! 7605 30 3.) cash receird but not deposited into Bank 4.) Bank Charges not included in Cash ledger, 8.) NSF charged back. 1,400 9035 Balance as per Bank (Pass Book) 6,710