The cash record of Silver Maple Art Gallery for April, 2014 follows: Cash Receipts (CR) Cash Payments (CP) Cheque # Cash Credit $891 891 Date Cash Debit $ 4,174 3113 501 April 2 April 8 April 10 559 April 16 2,187 April 22 1,854 April 29 1,060 April 30 337 3114 1 47 3115 1,930 664 3116 1,472 1,000 632 3117 3118 3119 Total $10,672 31 20 1,675 3121 100 31 22 2,413 $10,924 Total The Cash account of Silver Maple Art Gallery shows the following at April 30, 2014 Cash Date Item Jrnl. Ref. Debit Credit Balance April 1 April 30 CR.6 April 30 CR.11 Balance 13,911 10,672 24,583 10,924 13,659 On April 30, 2014, Silver Maple Art Gallery received the following bank statement: Bank Statement for April 2014 Beginning Balance Deposits & Other Credits: April 1 April 4 April 9 April 12 559 April 17 2,187 April 22 1,300 BC April 23 1,854 $13,911 $ 300 EFT 4,174 501 10,875 Checks & Other Debits: April 7 (cheque no. 3113) $ 891 April 13 (cheque no. 3115) 1,390 April 14 900 US April 15 (cheque no. 3114) 147 April 18 (cheque no. 3116) 664 April 21 200 EFT April 26 (cheque no. 3117) 1,472 April 30 (cheque no. 3118) 1,000 April 30 20 SC Ending Balance $18,102 (6,684) Explanations: EFT - electronic funds transfer; BC – bank collections; US - unauthorized signature; SC - service charge. Additional data for the bank reconciliation: a. The EFT deposit was a receipt of rent. The EFT debit was an insurance payment. b. The unauthorized-signature check was received from a customer. c. The $1,300 bank collection was for a note receivable d. The correct amount of cheque number 3115 is $1,390. (Silver Maple Art Gallery's accountant mistakenly recorded the cheque for $1,930.) Required: i) Prepare Silver Maple Art Gallery's bank reconciliation at April 30, 2014. ii) Prepare the journal entries to adjust the accounts on April 30. Assume that the accounts have not been closed. iii) State the amount of cash that should be included in the balance sheet at April 30.

Question
The cash record of Silver Maple Art Gallery for April, 2014
follows: Cash Receipts (CR)
Cash Payments (CP)
Cheque # Cash Credit
$891 891
Date
Cash Debit
$ 4,174 3113
501
April 2
April 8
April 10 559
April 16 2,187
April 22 1,854
April 29 1,060
April 30 337
3114
1 47
3115
1,930
664
3116
1,472
1,000
632
3117
3118
3119
Total
$10,672 31 20
1,675
3121
100
31 22
2,413
$10,924
Total
The Cash account of Silver Maple Art Gallery shows the following at April 30, 2014
Cash
Date
Item
Jrnl. Ref.
Debit
Credit
Balance
April 1
April 30 CR.6
April 30 CR.11
Balance 13,911
10,672 24,583
10,924 13,659
On April 30, 2014, Silver Maple Art Gallery received the
following bank statement: Bank Statement for April 2014
Beginning Balance
Deposits & Other Credits:
April 1
April 4
April 9
April 12 559
April 17 2,187
April 22 1,300 BC
April 23 1,854
$13,911
$ 300 EFT
4,174
501
10,875
Checks & Other Debits:
April 7 (cheque no. 3113) $ 891
April 13 (cheque no. 3115) 1,390
April 14 900 US
April 15 (cheque no. 3114) 147
April 18 (cheque no. 3116) 664
April 21 200 EFT
April 26 (cheque no. 3117) 1,472
April 30 (cheque no. 3118) 1,000
April 30 20 SC
Ending Balance $18,102
(6,684)
Explanations: EFT - electronic funds transfer; BC – bank
collections; US - unauthorized signature; SC - service
charge.
Additional data for the bank reconciliation:
a. The EFT deposit was a receipt of rent. The EFT debit
was an insurance payment.
b. The unauthorized-signature check was received from a
customer.
c. The $1,300 bank collection was for a note receivable
d. The correct amount of cheque number 3115 is $1,390.
(Silver Maple Art Gallery's accountant mistakenly
recorded the cheque for $1,930.)
Required:
i) Prepare Silver Maple Art Gallery's bank reconciliation at
April 30, 2014.
ii) Prepare the journal entries to adjust the accounts on
April 30. Assume that the accounts have not been closed.
iii) State the amount of cash that should be included in the
balance sheet at April 30.
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Transcribed Image Text

The cash record of Silver Maple Art Gallery for April, 2014 follows: Cash Receipts (CR) Cash Payments (CP) Cheque # Cash Credit $891 891 Date Cash Debit $ 4,174 3113 501 April 2 April 8 April 10 559 April 16 2,187 April 22 1,854 April 29 1,060 April 30 337 3114 1 47 3115 1,930 664 3116 1,472 1,000 632 3117 3118 3119 Total $10,672 31 20 1,675 3121 100 31 22 2,413 $10,924 Total The Cash account of Silver Maple Art Gallery shows the following at April 30, 2014 Cash Date Item Jrnl. Ref. Debit Credit Balance April 1 April 30 CR.6 April 30 CR.11 Balance 13,911 10,672 24,583 10,924 13,659 On April 30, 2014, Silver Maple Art Gallery received the following bank statement: Bank Statement for April 2014 Beginning Balance Deposits & Other Credits: April 1 April 4 April 9 April 12 559 April 17 2,187 April 22 1,300 BC April 23 1,854 $13,911 $ 300 EFT 4,174 501 10,875 Checks & Other Debits: April 7 (cheque no. 3113) $ 891 April 13 (cheque no. 3115) 1,390 April 14 900 US April 15 (cheque no. 3114) 147 April 18 (cheque no. 3116) 664 April 21 200 EFT April 26 (cheque no. 3117) 1,472 April 30 (cheque no. 3118) 1,000 April 30 20 SC Ending Balance $18,102 (6,684) Explanations: EFT - electronic funds transfer; BC – bank collections; US - unauthorized signature; SC - service charge. Additional data for the bank reconciliation: a. The EFT deposit was a receipt of rent. The EFT debit was an insurance payment. b. The unauthorized-signature check was received from a customer. c. The $1,300 bank collection was for a note receivable d. The correct amount of cheque number 3115 is $1,390. (Silver Maple Art Gallery's accountant mistakenly recorded the cheque for $1,930.) Required: i) Prepare Silver Maple Art Gallery's bank reconciliation at April 30, 2014. ii) Prepare the journal entries to adjust the accounts on April 30. Assume that the accounts have not been closed. iii) State the amount of cash that should be included in the balance sheet at April 30.