Natalie decides that she cannot afford to hire John to do her accounting. One way that she can ensure that her cash account does not have any errors and is accurate and up-to-date is to prepare a bank reconciliation at the end of each month. Natalie would like you to help her. She asks you to prepare a bank reconciliation for June 2020 using the information below.Please refer to the image attachedAdditionally, take the following information into account.On June 30th, there were two outstanding checks: #595 for $238 and #604 for $297.Premier Bank made a posting error to the bank statement: Check #603 was issued for $425, not $452.The deposit made on June 20 was for $125, which Natalie received for teaching a class. Natalie made an error in recording this transaction.The electronic funds transfer (EFT) was for Natalie’s cell phone use. Remember that she uses this phone only for business.The NSF check was from Ron Black. Natalie received this check for teaching a class to Ron’s children. Natalie contacted Ron, and he assured her that she will receive a check in the mail for the outstanding amount of the invoice and the NSF bank charge.Complete the tasks below.Prepare Cookie Creations’ bank reconciliation for June 30.Prepare any necessary adjusting entries at June 30.If a balance sheet is prepared for Cookie Creations at June 30, what balance will be reported as cash in the Current Assets section?It can be completed in either Word or Excel. GENERAL LEDGERCookie CreationsCashDateExplanationRef.DebitCreditBalance2020June 1Balance2,6573,4072,7822,6872,6313,6813,2563,4113,1143,2241750Check #600Check #60162595Check #602561,050Check #60342520155Check #604297110PREMIER BANKStatement of Account-Cookie CreationsJune 30, 2020Checks andDateExplanationDepositsBalanceMay 31Balance3,256June 1Deposit7504,0066Check #6006253,3816Check #601953,286Check #602563,2309Deposit1,0504,28010NSF check10010NSF - fee354,14514Check #6034523,69320Deposit1253,81823EFT-Telus.853,73328Check #5993613,37230Bank133,359Charges3389388

BANK RECONCILLATION AS PER BANK Unadjusted balance as per Bank on June 30…

Answered: Prepare Cookie Creations’ bank…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 2.1C

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Natalie decides that she cannot afford to hire John to do her accounting. One way that she can ensure that her cash account does not have any errors and is accurate and up-to-date is to prepare a bank reconciliation at the end of each month. Natalie would like you to help her. She asks you to prepare a bank reconciliation for June 2020 using the information below.

Please refer to the image attached

Additionally, take the following information into account.

On June 30th, there were two outstanding checks: #595 for $238 and #604 for $297.
Premier Bank made a posting error to the bank statement: Check #603 was issued for $425, not $452.
The deposit made on June 20 was for $125, which Natalie received for teaching a class. Natalie made an error in recording this transaction.
The electronic funds transfer (EFT) was for Natalie’s cell phone use. Remember that she uses this phone only for business.
The NSF check was from Ron Black. Natalie received this check for teaching a class to Ron’s children. Natalie contacted Ron, and he assured her that she will receive a check in the mail for the outstanding amount of the invoice and the NSF bank charge.

Complete the tasks below.
- Prepare Cookie Creations’ bank reconciliation for June 30.
- Prepare any necessary adjusting entries at June 30.
- If a balance sheet is prepared for Cookie Creations at June 30, what balance will be reported as cash in the Current Assets section?
It can be completed in either Word or Excel.

GENERAL LEDGER
Cookie Creations
Cash
Date
Explanation
Ref.
Debit
Credit
Balance
2020
June 1
Balance
2,657
3,407
2,782
2,687
2,631
3,681
3,256
3,411
3,114
3,224
1
750
Check #600
Check #601
625
95
Check #602
56
1,050
Check #603
425
20
155
Check #604
297
110
PREMIER BANK
Statement of Account-Cookie Creations
June 30, 2020
Checks and
Date
Explanation
Deposits
Balance
May 31
Balance
3,256
June 1
Deposit
750
4,006
6
Check #600
625
3,381
6
Check #601
95
3,286
Check #602
56
3,230
9
Deposit
1,050
4,280
10
NSF check
100
10
NSF - fee
35
4,145
14
Check #603
452
3,693
20
Deposit
125
3,818
23
EFT-Telus.
85
3,733
28
Check #599
361
3,372
30
Bank
13
3,359
Charges
3389388

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Prepare Cookie Creations’ bank reconciliation for June 30. Prepare any necessary adjusting entries at June 30. If a balance sheet is prepared for Cookie Creations at June 30, what balance will be reported as cash in the Current Assets section?