At December 31 2019, according to the records of Graser Company, the balance of Cash accountwas $21,783. The October 31 bank statement showed a balance of $26,394. You are to preparethe bank reconciliation of Graser Company at December 31, using the following supplementaryinformation:(iii) Service charge of $150 was charged wrongly to Graser's account by the bank.(iv) A note receivable for $15,000 left by Graser Company with bank for collection that hadbeen collected and credited to company's account. Along with the note collection, interestof $150 was also collected. Interest was accrued and recorded in the month-end adjustingentries by Graser Company previously.(v) A check for $420 drawn by a customer, Stuart Sands, but deducted from Graser's account(i) The December 31 bank statement showed the following checks and deposits.Bank Statementby the bank and returned with the notation "NSF."(vi) Graser's account had a check issued in payment of Building, correctly written in the amountto pay but erroncously recorded in Graser's accounting records. Other than this, allaccounting records are correct.ChecksDepositsDateNumberAmountDateAmount12-4238$1,500.00$1,100.00$4,800.00$2,200.00$700.00$830.00$2,250.00$180.0012-1$1,330.0012-823912-4$11.00Requireda) Prepare the bank reconciliation of Graser Company at December 31, 2019.b) Prepare the reconciling journal entries according to the reconciliation in part (a).$1,165.00$1,472.00$1,745.0012-1024112-812-1612-2112-2612-2912-3012-1524312-2712-30244$1,367.00246$1,636.00$1,025.0012-2924812-3124912-31250$2,910.00$16470.00- End of Section B-TotalTotal$9,751.00The cash records per books for December showed the followings.(ii)Cash Payments JournalDateNumber238Date12-20NumberAmountAmount$1,500.00$1,100.00$420.00$4,800.00$2,796.00$2,200.00$ 921.0012-124512-2212-2312-2412-2239246$830.00$6,750.00$2,250.00S180.00$2,370.0012-224024712-4241248*** End of Paper ***12-824212-3024912-1024312-3025012-17244$700.00Total$26,817.00Cash Receints JlournalAmount$1.330.00$11.00$1,165.00$1,472.00$1,745.00$1,367.00$1,636.00$1,025.00$20.316.00$30.067.00Date12-112-412-812-1612-2112-26112-2912-3012-31Total

Question
Asked Dec 19, 2019
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At December 31 2019, according to the records of Graser Company, the balance of Cash account
was $21,783. The October 31 bank statement showed a balance of $26,394. You are to prepare
the bank reconciliation of Graser Company at December 31, using the following supplementary
information:
(iii) Service charge of $150 was charged wrongly to Graser's account by the bank.
(iv) A note receivable for $15,000 left by Graser Company with bank for collection that had
been collected and credited to company's account. Along with the note collection, interest
of $150 was also collected. Interest was accrued and recorded in the month-end adjusting
entries by Graser Company previously.
(v) A check for $420 drawn by a customer, Stuart Sands, but deducted from Graser's account
(i) The December 31 bank statement showed the following checks and deposits.
Bank Statement
by the bank and returned with the notation "NSF."
(vi) Graser's account had a check issued in payment of Building, correctly written in the amount
to pay but erroncously recorded in Graser's accounting records. Other than this, all
accounting records are correct.
Checks
Deposits
Date
Number
Amount
Date
Amount
12-4
238
$1,500.00
$1,100.00
$4,800.00
$2,200.00
$700.00
$830.00
$2,250.00
$180.00
12-1
$1,330.00
12-8
239
12-4
$11.00
Required
a) Prepare the bank reconciliation of Graser Company at December 31, 2019.
b) Prepare the reconciling journal entries according to the reconciliation in part (a).
$1,165.00
$1,472.00
$1,745.00
12-10
241
12-8
12-16
12-21
12-26
12-29
12-30
12-15
243
12-27
12-30
244
$1,367.00
246
$1,636.00
$1,025.00
12-29
248
12-31
249
12-31
250
$2,910.00
$16470.00
- End of Section B-
Total
Total
$9,751.00
The cash records per books for December showed the followings.
(ii)
Cash Payments Journal
Date
Number
238
Date
12-20
Number
Amount
Amount
$1,500.00
$1,100.00
$420.00
$4,800.00
$2,796.00
$2,200.00
$ 921.00
12-1
245
12-22
12-23
12-24
12-2
239
246
$830.00
$6,750.00
$2,250.00
S180.00
$2,370.00
12-2
240
247
12-4
241
248
*** End of Paper ***
12-8
242
12-30
249
12-10
243
12-30
250
12-17
244
$700.00
Total
$26,817.00
Cash Receints Jlournal
Amount
$1.330.00
$11.00
$1,165.00
$1,472.00
$1,745.00
$1,367.00
$1,636.00
$1,025.00
$20.316.00
$30.067.00
Date
12-1
12-4
12-8
12-16
12-21
12-26
112-29
12-30
12-31
Total
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At December 31 2019, according to the records of Graser Company, the balance of Cash account was $21,783. The October 31 bank statement showed a balance of $26,394. You are to prepare the bank reconciliation of Graser Company at December 31, using the following supplementary information: (iii) Service charge of $150 was charged wrongly to Graser's account by the bank. (iv) A note receivable for $15,000 left by Graser Company with bank for collection that had been collected and credited to company's account. Along with the note collection, interest of $150 was also collected. Interest was accrued and recorded in the month-end adjusting entries by Graser Company previously. (v) A check for $420 drawn by a customer, Stuart Sands, but deducted from Graser's account (i) The December 31 bank statement showed the following checks and deposits. Bank Statement by the bank and returned with the notation "NSF." (vi) Graser's account had a check issued in payment of Building, correctly written in the amount to pay but erroncously recorded in Graser's accounting records. Other than this, all accounting records are correct. Checks Deposits Date Number Amount Date Amount 12-4 238 $1,500.00 $1,100.00 $4,800.00 $2,200.00 $700.00 $830.00 $2,250.00 $180.00 12-1 $1,330.00 12-8 239 12-4 $11.00 Required a) Prepare the bank reconciliation of Graser Company at December 31, 2019. b) Prepare the reconciling journal entries according to the reconciliation in part (a). $1,165.00 $1,472.00 $1,745.00 12-10 241 12-8 12-16 12-21 12-26 12-29 12-30 12-15 243 12-27 12-30 244 $1,367.00 246 $1,636.00 $1,025.00 12-29 248 12-31 249 12-31 250 $2,910.00 $16470.00 - End of Section B- Total Total $9,751.00 The cash records per books for December showed the followings. (ii) Cash Payments Journal Date Number 238 Date 12-20 Number Amount Amount $1,500.00 $1,100.00 $420.00 $4,800.00 $2,796.00 $2,200.00 $ 921.00 12-1 245 12-22 12-23 12-24 12-2 239 246 $830.00 $6,750.00 $2,250.00 S180.00 $2,370.00 12-2 240 247 12-4 241 248 *** End of Paper *** 12-8 242 12-30 249 12-10 243 12-30 250 12-17 244 $700.00 Total $26,817.00 Cash Receints Jlournal Amount $1.330.00 $11.00 $1,165.00 $1,472.00 $1,745.00 $1,367.00 $1,636.00 $1,025.00 $20.316.00 $30.067.00 Date 12-1 12-4 12-8 12-16 12-21 12-26 112-29 12-30 12-31 Total

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Bank reconciliation statement Amount (S) $26,394 Particulars Balance as per bank account Add: Check incorrectly debited by bank |(S2,910-S2,370) Cash deposited but not credited Wrong debited service charge Cheque wrongly debited $540 S20,316 $150 $420 Less: Outstanding checks No 240 No 242 No 245 No 247 Adjusted cash balance -$420 -$2,796 -$921 -S6,750 $36,933 Particulars Amount ($) Balance as per cash account Add: Note collection credited by bank with interest ($15,000+$150) $21,783 S15,150 Less: Adjusted cash balance so S36,933

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