Perform a bank reconciliation of comvita company. a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019 b) Based on your analysis, propose adjusting entries (if any). Transactions and balances: • 31 Jul 2019 Bank Statement balance $ 58,791 • 31 Jul 2019 balance per Jack’s records $ 57,371 • Jack received a payment that he has not deposited $ 250 • Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612 • Bank charges for the month of July were $40 • Interest on bank balance credited to Jack’s account $ 98
Perform a bank reconciliation of comvita company. a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019 b) Based on your analysis, propose adjusting entries (if any). Transactions and balances: • 31 Jul 2019 Bank Statement balance $ 58,791 • 31 Jul 2019 balance per Jack’s records $ 57,371 • Jack received a payment that he has not deposited $ 250 • Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612 • Bank charges for the month of July were $40 • Interest on bank balance credited to Jack’s account $ 98
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.4.3P
Related questions
Question
Perform a bank reconciliation of comvita company.
a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019
b) Based on your analysis, propose
Transactions and balances:
• 31 Jul 2019 Bank Statement balance $ 58,791
• 31 Jul 2019 balance per Jack’s records $ 57,371
• Jack received a payment that he has not deposited $ 250
• Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612
• Bank charges for the month of July were $40
• Interest on bank balance credited to Jack’s account $ 98
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
