Question

Exercise 7-9 Don Wyatt is unable to reconcile the bank balance at January 31. Don’s reconciliation...

Exercise 7-9

Don Wyatt is unable to reconcile the bank balance at January 31. Don’s reconciliation is as follows.

Cash balance per bank
$3,760.20
Add: NSF check
590.00
Less: Bank service charge
30.00
Adjusted balance per bank
$4,320.20
Cash balance per books
$4,075.20
Less: Deposits in transit
630.00
Add: Outstanding checks
935.00
Adjusted balance per books
$4,380.20

Prepare a correct bank reconciliation. (List items that increase cash balance first. Reconcile cash balance per bank first. Round answers to 2 decimal places, e.g. 52.75.)

Don Wyatt
Bank Reconciliation
January 31

Deposits in transit
Adjusted cash balance per bank
Outstanding checks
NSF check
Adjusted cash balance per book
Cash balance per books
Bank service charge
Cash balance per bank statement
$

Less
Add
:

Cash balance per books
Bank service charge
NSF check
Outstanding checks
Adjusted cash balance per book
Cash balance per bank statement
Adjusted cash balance per bank
Deposits in transit

Add
Less
:

Cash balance per bank statement
Outstanding checks
Adjusted cash balance per bank
NSF check
Bank service charge
Adjusted cash balance per book
Deposits in transit
Cash balance per books

Adjusted cash balance per bank
Deposits in transit
Adjusted cash balance per book
Outstanding checks
Bank service charge
Cash balance per bank statement
NSF check
Cash balance per books
$

Adjusted cash balance per bank
Bank service charge
Cash balance per books
Adjusted cash balance per books
Deposits in transit
NSF check
Outstanding checks
Cash balance per bank statement
$

Less
Add
:
    
Cash balance per bank statement    
Cash balance per books    
Adjusted cash balance per books    
Adjusted cash balance per bank    
Outstanding checks    
Deposits in transit    
NSF check    
Bank service charge    
$
    
Adjusted cash balance per books    
Bank service charge    
Adjusted cash balance per bank    
Deposits in transit    
Cash balance per bank statement    
Cash balance per books    
Outstanding checks    
NSF check    

Bank service charge
NSF check
Cash balance per bank statement
Adjusted cash balance per bank
Cash balance per books
Adjusted cash balance per books
Deposits in transit
Outstanding checks
$

Journalize the entries required by the reconciliation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.)

No.
Account Titles and Explanation
Debit
Credit
1.
(To record NSF check.)
2.
(To record bank service charge.)

Business   Accounting   
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Homework Answers

Answer #1

Solution

Bank reconciliation statement:

Cash balance per bank statement $3760.20
Add: Deposit in transit $630
$4390.20
Less: Outstanding checks $935
Adjusted cash balance per bank $3,455.20
Cash balance per books $4,075.20
Less:
NSF check $590
Bank service charge $30
$620
Adjusted cash balance per books $3,455.20

Journal entries required by reconckreconci:

No. Account titles and explanation Debit Credit
1. Account receivable $590
Cash $590
(To record NSF check)
2. Bank charge Expense $30
Cash $30
(To record bank service charge)
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