Preparing a bank reconciliation statement and journalizing entries to adjust the cash balance.
On October 7, 2010, Peter Chen, attorney-at-law, received his September bank statement from First Texas National Bank. Enclosed with the bank statement, which appears on page 289, was a debit memorandum for $118 that covered an NSF check issued by Annette Cole, a credit customer. The firm’s checkbook contained the following information about deposits made and checks issued during September. The balance of the Cash account and the checkbook on September 30 was $8,134.
INSTRUCTIONS
1. Prepare a bank reconciliation statement for the firm as of September 30, 2010.
2. Record general journal entries for any items on the bank reconciliation statement that must be journalized. Date the entries September 30, 2010.
DATE | TRANSACTIONS |
Sept. 1 | Balance $6,500 |
1 | Check 104 100 |
3 | Check 105 10 |
3 | Deposit 500 |
6 | Check 106 225 |
10 | Deposit 410 |
11 | Check 107 200 |
15 | Check 108 75 |
21 | Check 109 60 |
22 | Deposit 730 |
25 | Check 110 16 |
25 | Check 111 80 |
27 | Check 112 140 |
28 | Deposit 900 |
FIRST TEXAS NATIONAL BANK | ||||
Peter Chen, Attorney-at-Law Account Number: 22-8654-30 | ||||
3510 North Central Expressway | ||||
Dallas, TX 75232-2709 Period Ending September 30, 2010 | ||||
CHECKS |
| DEPOSITS | DATE | BALANCE |
| Beginning Balance |
| August 31 | 6,500.00 |
|
| 500.00+ | September 3 | 7,000.00 |
100.00- |
|
| September 6 | 6,900.00 |
200.00- | 10.00- | 410.00+ | September 11 | 7,100.00 |
225.00- |
|
| September 15 | 6,875.00 |
60.00- |
|
| September 19 | 6,815.00 |
|
| 730.00+ | September 23 | 7,545.00 |
80.00- | 16.00- |
| September 25 | 7,449.00 |
7.50- SC | 118.00- DM |
| September 28 | 7,323.50 |
Analyze: How many checks were paid (cleared the bank) according to the September 30 bank statement?
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