Goulet Inc, set up as a privately held corporation, operating as a ready to wear garments retailer,
Question:
Goulet Inc, set up as a privately held corporation, operating as a ready to wear garments retailer, of which of the Common Shares are owned by Lawrence Goulet. You were hired to account fortransactions for the month of August complete month end processing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weisted average method to determine value for the inventory. Its balance sheet as at July is presented below.Your accountant goes through the mail and opens the bank statement for the month of August provided by Bank of
Commerce. It is shown below.
Additional Information:
a The $ is already recorded in the ledger last month.
b Cheque number of the company has digits.
Required: Prepare the August bank reconciliation for Goulet Inc. using the bank statement and general ledger provided.
Compare the information in the general ledger to the bank statement. Once reconciled, record the relevant journal entries
in the general journal and post the entries in the general ledger to bring the company's record up to date.
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen