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KIM [24]
3 years ago
7

On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,874. Cash receipts yet to be de

posited into the checking account total $3,268, and checks written by the academy but not yet processed by the bank total $1,355. The company's balance of cash does not reflect a bank service fee of $28 and interest earned on the checking account of $39. These amounts are included in the balance of cash of $5,972 reported by the bank as of the end of August.
Required:1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2021.2. Record the necessary entry(ies) to adjust the balance for cash.
Business
1 answer:
My name is Ann [436]3 years ago
6 0

Answer:

<u>Bank Reconciliation Statement</u>

Balance at bank as per the Cash Book (updated)   $7,885

Add Unpresented Cheques                                        $1,355

Less Bank Lodgements not yet credited                 ($3,268)

Balance as per bank statement                                 $5,972

J1

Bank $39 (debit)

Interest Earned $39 (credit)

J2

Bank service fee $28 (debit)

Bank $28 (credit)

Explanation:

<em>Step 1 Bring the Cash Balance in the Cash Book up to date</em>

Debit :

Balance as at August 31, 2021,                                   $7,874

Interest Earned                                                                 $39

Totals                                                                            $7,913

Credit:                  

Bank service fee                                                              $28

Balance Up dated (Balancing figure)                         $7,885

Totals                                                                            $7,913

<em>Step 2 Prepare the Bank Reconciliation Statement</em>

<u>Bank Reconciliation Statement</u>

Balance at bank as per the Cash Book (updated)   $7,885

Add Unpresented Cheques                                        $1,355

Less Bank Lodgements not yet credited                 ($3,268)

Balance as per bank statement                                 $5,972

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