Roper Electronics received its bank statement for the month of August with an ending balance of $11,740. Roper determined that c

Question

2 years ago

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Roper Electronics received its bank statement for the month of August with an ending balance of $11,740. Roper determined that c

heck #613 for $155 and check #601 for $420 were both outstanding. Also, a $6,900 deposit for August 30 was in transit as of the end of the month. Northern Regional Bank also collected a $5,000 note receivable on August 1 that was issued March 1. Accrued interest is $250. Northern Regional Bank charged a $35 fee for the collection service. The bank statement reveals a bank service charge of $20. A customer check for $68 was returned with the bank statement marked "NSF." The ending balance of the Roper cash account is $12,938. Prepare a bank/account reconciliation and any necessary journal entries for the reconciliation.

Business

1 answer:

Georgia [21] · Answer 1 · 2022-07-07T00:15:14+03:00

Answer:

Bank Reconciliation Statement

Balance at Bank as per Updated Cash Book $18,065

Add Unpresented Cheque

check #613 $155

check #601 $420 $575

Less Lodgements not yet credited ($6,900)

Balance as per bank statement $11,740

Explanation:

The first step is to update the bank balance in Roper Electronics cash book.

Debit :

Balance as per cash book $12,938

Interest $250

Note Received $5,000

Totals $18,188

Credit:

Bank Charge - Collection Service $35

Bank Service Charge $20

Dishonored Cheque $68

Balance as per updated cash book $18,065