Smith Company started its business on november 1,2020,below is the information needed to prepare a bank reconciliation for the business as at November 30,2020: i) Balance per bank statement was $34100. ii)$1300 check drawn by a customer johnson had been marked "NSF"in November and the company received this notice at the beginning of december 2020. iii)Cash receipts of $8000 recorded on November 2020 were not deposited to bank unti; december 1. iv)Bank service charge for November 2020 amounted $38 was sent to the company together with the bank statement. v)Check #620 for $4000 had been issued in November but was npt presented to the bank for payment. vi)Check #643 for electricity expense cleared the bank for $268 but was erroneously recorded in our books as $240. vii) A $486 deposit by Easy Co.was erroneously credited to our account by the bank. viii)the bank statement showed $30 interest earned on the bank for the month of November 2020. Requieed: Prepare a bank reconciliation statement for Smith Company at November 30,2020 and determine the Cash balance according to the company's records at November 30,2020 BEFORE the reconciliation

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...
icon
Related questions
Question

Smith Company started its business on november 1,2020,below is the information needed to prepare a bank reconciliation for the business as at November 30,2020:

i) Balance per bank statement was $34100.

ii)$1300 check drawn by a customer johnson had been marked "NSF"in November and the company received this notice at the beginning of december 2020.

iii)Cash receipts of $8000 recorded on November 2020 were not deposited to bank unti; december 1.

iv)Bank service charge for November 2020 amounted $38 was sent to the company together with the bank statement.

v)Check #620 for $4000 had been issued in November but was npt presented to the bank for payment.

vi)Check #643 for electricity expense cleared the bank for $268 but was erroneously recorded in our books as $240.

vii) A $486 deposit by Easy Co.was erroneously credited to our account by the bank.

viii)the bank statement showed $30 interest earned on the bank for the month of November 2020.

Requieed:

Prepare a bank reconciliation statement for Smith Company at November 30,2020 and determine the Cash balance according to the company's records at November 30,2020 BEFORE the reconciliation

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Bank reconciliation statement
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.
Similar questions
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning