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Problem 1 - Prepare a bank reconciliation The following information relates to M Park Corporation for the month of March 2022: 1. Cash balance per books, March 31 was $20,647.00 2. Deposits in transit, March 31 were $8140.00 3. The March bank service charge was $34.00 and has not been recorded by the company. 4. Outstanding checks, March 31 were $3,905.00 5. An electronic funds transfer (EFT) collected by the bank was S590. The collection has not been recorded by M Park Corporation. 6. The bank made an error and recorded a $3,000 deposit twice. 7. Cash balance per bank, March 31 was $19,968.00 Purpose The purnose of this problem is to demonstrate an understanding of prenaring a bank reconciliation

Problem 1 - Prepare a bank reconciliation The following information relates to M Park Corporation for the month of March 2022: 1. Cash balance per books, March 31 was $20,647.00 2. Deposits in transit, March 31 were $8140.00 3. The March bank service charge was $34.00 and has not been recorded by the company. 4. Outstanding checks, March 31 were $3,905.00 5. An electronic funds transfer (EFT) collected by the bank was S590. The collection has not been recorded by M Park Corporation. 6. The bank made an error and recorded a $3,000 deposit twice. 7. Cash balance per bank, March 31 was $19,968.00 Purpose The purnose of this problem is to demonstrate an understanding of prenaring a bank reconciliation

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.1AP
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Problem 1 - Prepare a bank reconciliation The following information relates to M Park Corporation for the month of March 2022: 1. Cash balance per books, March 31 was $20,647.00 2. Deposits in transit, March 31 were $8,140.00 3. The March bank service charge was $34.00 and has not been recorded by the company. 4. Outstanding checks, March 31 were S3,905.00 5. An electronic funds transfer (EFT) collected by the bank was $590. The collection has not been recorded by M Park Corporation. 6. The bank made an error and recorded a $3,000 deposit twice. 7. Cash balance per bank, March 31 was $19,968.00 Рurpose The purpose of this problem is to demonstrate an understanding of preparing a bank reconciliation. |Instructions After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st. Reconcile the cash balance per the bank first |and list items that increase the cash balance first. Also, round amounts to two decimal places. Guidance For formatting guidance, see the bank reconciliation example that is provided in Chapter 7 of the textbook. Your Answer:
Transcribed Image Text:Problem 1 - Prepare a bank reconciliation The following information relates to M Park Corporation for the month of March 2022: 1. Cash balance per books, March 31 was $20,647.00 2. Deposits in transit, March 31 were $8,140.00 3. The March bank service charge was $34.00 and has not been recorded by the company. 4. Outstanding checks, March 31 were S3,905.00 5. An electronic funds transfer (EFT) collected by the bank was $590. The collection has not been recorded by M Park Corporation. 6. The bank made an error and recorded a $3,000 deposit twice. 7. Cash balance per bank, March 31 was $19,968.00 Рurpose The purpose of this problem is to demonstrate an understanding of preparing a bank reconciliation. |Instructions After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st. Reconcile the cash balance per the bank first |and list items that increase the cash balance first. Also, round amounts to two decimal places. Guidance For formatting guidance, see the bank reconciliation example that is provided in Chapter 7 of the textbook. Your Answer:
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