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The bank statement and relevant portions of Targaryen Inc.’s cash records for the month ended June...

The bank statement and relevant portions of Targaryen Inc.’s cash records for the month ended June 30, 2020 are given below. Cheque Register Date Explanation Debit Credit Balance 31-May Deposit 10,050.00 22,242.92 01-Jun Cheque 882 3,659.00 18,583.92 01-Jun Cheque 876 126.00 18,457.92 01-Jun Cheque 883 3,290.00 15,167.92 01-Jun Cheque 884 868.00 14,299.92 03-Jun Cheque 885 1,424.00 12,875.92 04-Jun Cheque 886 252.00 12,623.92 09-Jun Deposit 2,680.00 15,303.92 12-Jun Cheque 887 2,113.78 13,190.14 12-Jun Cheque 888 2,169.43 11,020.71 12-Jun Cheque 889 1,248.00 9,772.71 18-Jun Deposit 2,920.00 12,692.71 20-Jun Cheque 890 2,369.00 10,323.71 21-Jun Cheque 891 6,669.00 3,654.71 24-Jun Cheque 892 1,452.00 2,020.71 26-Jun Cheque 893 256.00 1,946.71 29-Jun Deposit 3,695.00 5,641.71 Bank Statement Cheques/Debits Deposits/Credits Balance 31-May 12,192.92 #884 01-Jun 868.00 01-Jun 10,050.00 21,374.92 #883 04-Jun 3,290.00 18,084.92 #876 09-Jun 126.00 09-Jun 2,680.00 20,638.92 #889 12-Jun 1,248.00 19,390.92 #882 14-Jun 3,659.00 15,731.92 #887 18-Jun 2,003.78 18-Jun 2,920.00 16,648.14 #885 20-Jun 1,424.00 15,224.14 #891 21-Jun 6,569.00 8,655.14 #886 29-Jun 252.00 8,403.14 Service Charge 30-Jun 89.30 8,313.84 Notes: Cheque #887 was recorded incorrectly by Targaryen’s bookkeeper for equipment purchase. Cheque #891 was recorded incorrectly by the bank. Required: Prepare the bank reconciliation at June 30, 2020 by using the template provided below. Complete any necessary journal entries resulting from the bank reconciliation. Date the journal entries June 30, 2020

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Answer #1

SOLUTION-

Targaryen Inc
Bank reconcilation
for the month ended June 30 2020

PARTICULARS

 AMOUNT PARTICULARS AMOUNT
Balance as per Bank 8313.84 Balance as per company records 5641.71
Add: Add:
Deposit in transit 3695 Error In recording equipment purchase [2113.78-2003.78] 110
less: less:
Error in recording check no. 891 [6669-6569] (100) service charge (89.30)
outstanding checks
check no. 888 (2169.43)
890 (2369)
892

(1452)
893 (256)
Adjusted balance as per bank 5662.41 Adjusted balance as per books 5662.41
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