Requirement 1. Prepare the
DunlapDunlap
Automotive bank reconciliation at
MarchMarch
3131?,
20162016.
Prepare the Bank side of the bank? reconciliation, then prepare the Book side of the bank reconciliation. ?(Include the balances at
MarchMarch
3131
in each of the addition subtotal calculations. If a box is not used in the? table, leave the box? empty; do not select a label or enter a? zero.)
Dunlap Automotive |
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Bank Reconciliation |
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March 31, 2016 |
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Bank: |
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Add: |
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Subtotal |
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Less: |
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Check No. |
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Books: |
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Add: |
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Subtotal |
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Less: |
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Requirement 2. Prepare the journal entries required at
MarchMarch
3131?,
20162016.
?(Record debits? first, then credits. Exclude explanations from all journal? entries.)
Record the EFT deposit.
Journal Entry |
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Date |
Accounts |
Debit |
Credit |
|
Mar |
31 |
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Record the bank collection of note receivable.
Journal Entry |
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Date |
Accounts |
Debit |
Credit |
|
Mar |
31 |
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Record the correction for check? #3115.
Journal Entry |
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Date |
Accounts |
Debit |
Credit |
|
Mar |
31 |
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Record the EFT debit.
Journal Entry |
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Date |
Accounts |
Debit |
Credit |
|
Mar |
31 |
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Record the unauthorized signature? (US) check returned by the bank.
Journal Entry |
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Date |
Accounts |
Debit |
Credit |
|
Mar |
31 |
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?Finally, record the bank service charge.
Journal Entry |
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Date |
Accounts |
Debit |
Credit |
|
Mar |
31 |
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Requirement 3. Describe how a bank account and the bank reconciliation help the general manager control
DunlapDunlap
?Automotive's cash.
A bank account helps control cash? by: ?(Select all statements that apply. If a box is not used in the? table, leave the box? empty; do not select a? label.)
A bank reconciliation helps control cash? by: ?(Select all statements that apply. If a box is not used in the? table, leave the box? empty; do not select a? label.)
Check book |
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Cash |
Account No. 101 |
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Date |
Item |
Jrnl. Ref. |
Debit |
Credit |
Balance |
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March 1 |
Balance |
7,050 |
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31 |
CR 6 |
9,822 |
16,872 |
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31 |
CP 11 |
9,611 |
7,261 |
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Cash Receipts (CR) |
Cash Payments (CP) |
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Date |
Cash Debit |
Check No. |
Cash Credit |
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March 2 |
$2,827 |
3113 |
$1,500 |
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8 |
585 |
3114 |
1,257 |
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10 |
1,696 |
3115 |
1,830 |
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16 |
895 |
3116 |
33 |
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22 |
417 |
3117 |
814 |
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29 |
920 |
3118 |
141 |
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30 |
2,482 |
3119 |
545 |
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Total |
$9,822 |
3120 |
1,041 |
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3121 |
166 |
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3122 |
2,284 |
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Total |
$9,611 |
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Bank Statement for March 2016 |
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Beginning balance |
$7,050 |
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Deposits and other additions: |
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March |
1 |
$775 |
EFT |
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4 |
2,827 |
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9 |
585 |
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12 |
1,696 |
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17 |
895 |
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22 |
417 |
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23 |
1,450 |
BC |
8,645 |
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Checks and other deductions: |
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March |
7 |
$1,500 |
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13 |
1,380 |
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14 |
500 |
US |
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15 |
1,257 |
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18 |
33 |
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21 |
336 |
EFT |
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26 |
814 |
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30 |
141 |
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30 |
15 |
SC |
(5,976) |
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Ending balance |
$9,719 |
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?Explanation: BCminus?bank collection of note receivable from? customer, EFTminus?electronic funds? transfer, USminus?unauthorized ?signature, SCminus?service charge |
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Additional data for the bank reconciliation
a. |
The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance payment. |
b. |
The unauthorized signature check was received from a customer and returned by the bank unpaid. |
c. |
The correct amount of check number? 3115, a payment on? account, is $ 1 comma 380$1,380. ?(DunlapDunlap ?Automotive's accountant mistakenly recorded the check as $ 1 comma 830$1,830?.) |
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