Question

Prepare a bank reconciliation for the month of December 2017 AND record the related adjusting entries,...

Prepare a bank reconciliation for the month of December 2017 AND record the related adjusting entries, for Joe's coffee based on the following information:

Balance per bank statement is $24,552.

Balance per books is $26,225.

The December bank statement shows a service charge of $40.

Checks#192 for $258 and #193 for $230 written in December were not included on the bank statement.

The December electric bill was automatically withdrawn on the bank statement on December 31 in the amount of $157.

A $3,817 deposit made on December 30 did not appear on the bank statement.

The bank statement shows an NSF check written by Smith Company on December 13, 2017, for $385.

The bank statement shows an EFT bank collection (receipt) of rent from a customer who subleases part of Joe's space for $2,210 on December 16, 2017.

The December bank statement shows interest revenue of $28 on December 31, 2017.

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Answer #1
Bank reconcilation
Balance as per Bank 24552 Balance as per book 26225
Add:Deposit in transit 3817 Rent collected 2210
Electricity bill wrongly charged 157 Interest revenue 28
Less: less:Bank service charge (40)
check outstanding :192 (258) NSF (385)
193 (230)
Adjusted balance 28038 Adjusted balance 28038

2)

Date Account Debit credit
December 31 2017 cash 2210
Rent revenue 2210
[rent earned]
2 Cash 28
Interest revenue 28
[interest earned]
3 Bank service charge 40
cash 40
[Bank charges recorded]]
4 Accounts receivable 385
cash 385
[NSF returned]
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