Problem #3 (Bank Reconciliation) 12 Points Use the following information below for The Walnut Company for...
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Problem #3 (Bank Reconciliation) 12 Points Use the following information below for The Walnut Company for March 31, 2018: Balance per bank statement is $24,206 and the balance per books is $30,722. A note receivable was collected by Persons' Bank on behalf of Walnut and credited to the company's account for $3,150. Interest was credited to Walnut's account for $3. Check no. 114, for rent expense, had erroneously been entered into the Walnut's books as $208; the check cleared the bank for $802. Checks no. 106: $122, no. 109: $407, and no. 111: $212 were still outstanding as of March 31 Walnut deposited $8,826 into the ATM machine's drop box at Persons' Bank on March 31". The bank has not yet credited the account. Check No. 872 for $775 was classified as "Not-Sufficient-Funds" (NSF) by Persons' Bank and returned to Walnut. The check had been written by Jane Jones, who is one of Walnut's customers. Bank service fees amounted to $215 Directions: a) Prepare the bank reconciliation Problem #3 (Bank Reconciliation) 12 Points Use the following information below for The Walnut Company for March 31, 2018: Balance per bank statement is $24,206 and the balance per books is $30,722. A note receivable was collected by Persons' Bank on behalf of Walnut and credited to the company's account for $3,150. Interest was credited to Walnut's account for $3. Check no. 114, for rent expense, had erroneously been entered into the Walnut's books as $208; the check cleared the bank for $802. Checks no. 106: $122, no. 109: $407, and no. 111: $212 were still outstanding as of March 31 Walnut deposited $8,826 into the ATM machine's drop box at Persons' Bank on March 31". The bank has not yet credited the account. Check No. 872 for $775 was classified as "Not-Sufficient-Funds" (NSF) by Persons' Bank and returned to Walnut. The check had been written by Jane Jones, who is one of Walnut's customers. Bank service fees amounted to $215 Directions: a) Prepare the bank reconciliation
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Bank reconciliation for The Walnut Company as of March 31 2018 Starting Balances Balance per Bank St... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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