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Cornerstones of Financial Accounti...
Brief Exercise 4-27 Bank Reconciliation
Hula Corp. utilizes J.P. Morgan Chase in its banking transactions. For the month of August, 2019, J. p. Morgan Chase presented Hula with its bank statement as follows:
Balance, August 31 , 2019 $64,900
Service charge for August 100
Interest earned during August 875
NSF check from Jeffrey Corp. (deposited by Hula) 450
Note ($11,000 and interest ($425) collected for Hula from a customer 11,425
Upon receiving the bank statement, Hula’s accountants analyzed its cash transactions for possible reconciling items between its cash balance per books and J.P. Morgan Chase’s cash balance:
Checking account balance per Hula’s books $53,453
Outstanding checks as of August 31 3,700
Deposit in transit at August 31 3,940
Error in recording check 9288 issued by Hula 63
The correct amount of check 9288 is $770. It was recorded as a cash disbursement of $707 by mistake. The check was issued to pay for merchandise purchases. The check appeared on the bank statement correctly.
Required:
Prepare a bank reconciliation schedule at August 31, 2019, in proper form.
Introduction:
Bank Reconciliation statement is the statement reconcile the two book which one is cash book and another one is pass book (bank book). In these two books there was an error either form the side of company or either form the side of bank and thereafter company reconcile these two books.
To choose:
Prepare bank reconciliation schedule at August 31, 2019.
| Particular | Detail | Amount ($) |
| Balance as per bank statement
(-) Outstanding check as of august 31 (+) Deposit in transit august, 31 (+) Error in recording check 9288 Adjusted cash balance Balance as per cash book (-) Service charges (+) Interest earned during the year (-) NSF check form Jeffery (+) Note and interest deposited collected for hula customer Adjusted cash balance |
(3700) 3940 63 (100) 875 (450) 11425 | 64900
303 65203 53453 11750 65203 |
1...
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