Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019: He provides you with the following information: Opening Book balance of: $12,423.21Balance on the June 30th bank statement: $17,743.96SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145.Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in JuneBank service charge for June was $12.50Interest earned on checking account for June was $25 and automatically depositedThe bank statement shows a deposit of $423 that SES didn’t make. After a call to theBank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th:Cheque #PayeeAmount745Landlord$ 2,100.00751Paul’s garage ltd$ 478.00754Plumber$ 172.00764Peet’s Records$ 3,453.00777HD supplies$ 95.00 SES received a reimbursement from the IRS for income tax for $932.25 that was automatically deposited in June. Please prepare the SES bank reconciliation as at June 30th and required Journal entries

Bank Reconciliation statement is prepared to reconcile the book and the bank balance due to the…

Answered: Opening Book balance of: $12,423.21…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019:

He provides you with the following information:

Opening Book balance of: $12,423.21
Balance on the June 30^th bank statement: $17,743.96
SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145.
Steve prepared the June 30^th deposit of $1,872 but didn’t make it in time for the bank to record it in June
Bank service charge for June was $12.50
Interest earned on checking account for June was $25 and automatically deposited
The bank statement shows a deposit of $423 that SES didn’t make. After a call to the

Bank Manager, she apologized and told John the error would be corrected in July

The following cheques are outstanding as at June 30^th:

Cheque #	Payee	Amount
745	Landlord	$ 2,100.00
751	Paul’s garage ltd	$ 478.00
754	Plumber	$ 172.00
764	Peet’s Records	$ 3,453.00
777	HD supplies	$ 95.00

SES received a reimbursement from the IRS for income tax for $932.25 that was automatically deposited in June.

Please prepare the SES bank reconciliation as at June 30^th and required Journal entries

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