Question

6A-2. From the following bank statement, please (1) complete the bank reconcilia- tion for Tony's Deli found on the reverse of the following bank statement and (2) journalize the appropriate entries as needed. a. A deposit of $2,000 is in transit. b. Tony's Deli has an ending checkbook balance of $5,760. c. Checks outstanding: no. 111, $950; no. 119, $1,250; no. 121, $330. d. Bob Ryan's check for $100 bounced due to lack of sufficient funds. e. Bank service charge $30. Millbury National Bank Rio Mean Branch Bugna, Texas Tony's Deli 8811 2nd St. Bugna, Texas Checks and Other Withdrawals in Order of Payment Deposits Old Balance 6,500 Date 2/2 200.00 2/3 90.00 160.00 530.00 100.00 1,100.00 660.00 240.00 570.00 350.00 1,210.00 160.00 NSF New Balance 6,500 6,210 6,290 6,330 6,580 6,690 6,160 2/10 2/15 2/20 2/24 2/28 30.00 SC

Answer 1

Solution Question #6A-2. Required 1: Bank Reconciliation Statement Tony's Deli Bank Reconciliation February 28 Bank: Balance per bank statement, February 28 Add: Deposit in transit $6,160 $2,000 $8,160 Less: Outstanding checks 111 119 121 $950 $1,250 $330 $2,530 Adjusted Bank Balance, February 28 $5,630 Books: Balance per books, February 28 $5,760 Less: NSF check Bank service charges $100 $30 $130 Adjusted Book Balance, February 28 $5,630 Required 2: Journalize the appropriate entries Date Credit Debit $100 Accounts and Explanation Feb. 28 Accounts Receivables Cash (To record NSF check) Credit Debit $30 Accounts and Explanation Feb. 28 Bank service charges Cash (To record bank service charges) $30