The following information is available for Pyle Garage for March, Year 2: BANK STATEMENT HAZARD STATE BANK 215 MAIN STREET HAZARD, GA 30321 Pyle Garage 629 Main Street HAZARD, GA 30321 Account number 62-00062 March 31, Year 2 Beginning balance 3/1/Year 2 $9,070 Total deposits and other credits 30,096 Total checks and other debits 25,024 Ending balance 3/31/Year 2 14,142 Checks and Debits Deposits and Credits Check No. Amount Date Amount 1462 $ 3,795 March 1 $ 1,140 1463 1,684 March 2 6,548 1464 8,040 March 6 4,976 1465 2,946 March 12 6,209 1466 1,449 March 17 6,006 1467 6,220 March 22 2,126 DM 60 CM 3,091 1468 830 The following is a list of checks and deposits recorded on the books of Pyle Garage for March, Year 2: Date Check No. Amount of Check Date Amount of Deposit March 1 1463 $ 1,684 March 1 $ 6,548 March 5 1464 8,040 March 5 4,976 March 6 1465 2,946 March 9 1466 1,449 March 10 6,209 March 10 1467 6,220 March 14 1468 135 March 16 6,006 March 19 1469 1,539 March 19 2,126 March 28 1470 783 March 29 3,587 Other Information Check no. 1462 was outstanding from February. A credit memo for collection of accounts receivable was included in the bank statement. All checks were paid at the correct amount. The bank statement included a debit memo for service charges. The February 28 bank reconciliation showed a deposit in transit of $1,140. Check no. 1468 was for the purchase of equipment. The unadjusted Cash account balance at March 31 was $13,071. Required: Prepare the bank reconciliation for Pyle Garage at the end of March. Explain how the adjustments described above affect the cash account.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 9EA: Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance:...

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The following information is available for Pyle Garage for March, Year 2:

BANK STATEMENT HAZARD STATE BANK 215 MAIN STREET HAZARD, GA 30321
Pyle Garage 629 Main Street HAZARD, GA 30321	Account number 62-00062 March 31, Year 2
Beginning balance 3/1/Year 2	$9,070
Total deposits and other credits	30,096
Total checks and other debits	25,024
Ending balance 3/31/Year 2	14,142
	Checks and Debits	Deposits and Credits
	Check No.	Amount	Date	Amount
		1462	$	3,795	March	1	$	1,140
		1463		1,684	March	2		6,548
		1464		8,040	March	6		4,976
		1465		2,946	March	12		6,209
		1466		1,449	March	17		6,006
		1467		6,220	March	22		2,126
		DM		60	CM			3,091
		1468		830

The following is a list of checks and deposits recorded on the books of Pyle Garage for March, Year 2:

Date		Check No.	Amount of Check	Date		Amount of Deposit
March	1		1463	$	1,684		March	1	$	6,548
March	5		1464		8,040		March	5		4,976
March	6		1465		2,946
March	9		1466		1,449		March	10		6,209
March	10		1467		6,220
March	14		1468		135		March	16		6,006
March	19		1469		1,539		March	19		2,126
March	28		1470		783		March	29		3,587

Other Information

Check no. 1462 was outstanding from February.
A credit memo for collection of accounts receivable was included in the bank statement.
All checks were paid at the correct amount.
The bank statement included a debit memo for service charges.
The February 28 bank reconciliation showed a deposit in transit of $1,140.
Check no. 1468 was for the purchase of equipment.
The unadjusted Cash account balance at March 31 was $13,071.

Required:

Prepare the bank reconciliation for Pyle Garage at the end of March.
Explain how the adjustments described above affect the cash account.

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