PROBLEM1. The accounting records for Ortiz, Inc. revealed the following information on April 30, 2020:$51,000Bank statement balance, April 30, 2020Credit memo with bank statement for interest15earned during April on bank accountDebit memo with bank statement for April'sservice charge272,000Deposits in transit on April 30Cash on hand5001,000NSF customer check on April 30A $175 deposit made on April 3 was recordedincorrectly by the bank asThe bank collected a customer's note receivable125(including 10% interest)Outstanding checks on April 30Cash account balance, April 30, 20201,1003,90050,000Required:Prepare a bank reconciliation using good format.b. Prepare any necessary adjusting journal entries for April 30, 2020.а.

Sometimes There may be a difference in cash & passbook Balances. Usually Cash & Bank Pass…

Answered: Prepare a bank reconciliation using…

Prepare a bank reconciliation using good format. b. Prepare any necessary adjusting journal entries for April 30, 2020. а.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 60APSA

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Question

PROBLEM
1. The accounting records for Ortiz, Inc. revealed the following information on April 30, 2020:
$51,000
Bank statement balance, April 30, 2020
Credit memo with bank statement for interest
15
earned during April on bank account
Debit memo with bank statement for April's
service charge
27
2,000
Deposits in transit on April 30
Cash on hand
500
1,000
NSF customer check on April 30
A $175 deposit made on April 3 was recorded
incorrectly by the bank as
The bank collected a customer's note receivable
125
(including 10% interest)
Outstanding checks on April 30
Cash account balance, April 30, 2020
1,100
3,900
50,000
Required:
Prepare a bank reconciliation using good format.
b. Prepare any necessary adjusting journal entries for April 30, 2020.
а.

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