Bank reconciliation and adjustments to the cash account
The following information is available for Cooters Garage for March 2012:
BANK STAT0045MENT HAZARD STATE BANK 215 MAIN STREET HAZARD,GA 30321 | |||
Cooters Garage 629 Main Street Hazard, GA 30321 | Account number 62-00062 March 31, 2012 | ||
Beginning balance 3/1/2012 | $15,000.00 |
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Total deposits and other credits | 7,000.00 |
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Total checks and other debits | 6,000.00 |
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Ending balance 3/31/2012 | 16,000.00 |
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Checks and Debits | Deposits and Credits | ||
Check No. | Amount | Date | Amount |
1462 | $1,163.00 | March 1 | $1,000.00 |
1463 | 62.00 | March 2 | 1,340.00 |
1464 | 1,235.00 | March 6 | 210.00 |
1465 | 750.00 | March 12 | 1,940.00 |
1466 | 1,111.00 | March 17 | 855.00 |
1467 | 964.00 | March 22 | 1,480.00 |
DM | 15.00 | CM | 175.00 |
1468 | 700.00 |
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The following is a list of checks and deposits recorded on the books of Cooters Garage for March 2012:
Date | Check No. | Amount of Check | Date | Amount of Deposit |
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March 1 | 1463 | $62.00 | March 1 | $1,340.00 | ||
March 5 | 1464 | 1235.00 | March 5 | 210.00 | ||
March 6 | 1465 | 750.00 |
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March 9 | 1466 | 1111.00 | March 10 | 1,940.00 | ||
March 10 | 1467 | 964.00 |
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March 14 | 1468 | 70.00 | March 16 | 855.00 | ||
March 19 | 1469 | 1500.00 | March 19 | 1,480.00 | ||
March 28 | 1470 | 102.00 | March 29 | 2,000.00 | ||
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Other Information
1.Check no. 1462 was outstanding from February.
2.A credit memo for collection of accounts receivable was included in the bank statement.
3.All checks were paid at the correct amount.
4.The bank statement included a debit memo for service charges.
5.The February 28 bank reconciliation showed a deposit in transit of $1,000.
6.Check no. 1468 was for the purchase of equipment.
7.The unadjusted Cash account balance at March 31 was $16,868.
Required
a.Prepare the bank reconciliation for Cooters Garage at the end of March.
b. Explain how the adjustments described above affect the cash account.
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