The bookkeeper of Cinnamon Ltd. who is usually responsible for the bank reconciliation is on holiday....

 

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The bookkeeper of Cinnamon Ltd. who is usually responsible for the bank reconciliation is on holiday. Before she left she asked you to do this task for her. On March 31, you are given the bank statement which shows a balance of $8,853 and the general ledger from the cash account which shows a debit balance of $10,670 per that date. You compare the two documents and notice the following discrepancies: -) The bank service charge of $40 has not been recorded -) There are deposits in transit: $2,359 -) Electronic fund receipts from customers in payment of their accounts, $1,878, not previously recorded by the company -) NSF cheques from customers: $1,500 -) Fees charged due to NSF cheques: $72 -) Outstanding company cheques which had been sent to pay for supplies of $2,359 Instructions: Create a bank reconciliation to determine the reconciled cash balance for Cinnamon Ltd. Blank #1: What is the reconciled cash balance? (Note: Enter plain amount; no currency signs or commas etc.) Blank #2: How many journal entries will be necessary to complete the bank reconciliation? Blank # 1 Blank # 2 The bookkeeper of Cinnamon Ltd. who is usually responsible for the bank reconciliation is on holiday. Before she left she asked you to do this task for her. On March 31, you are given the bank statement which shows a balance of $8,853 and the general ledger from the cash account which shows a debit balance of $10,670 per that date. You compare the two documents and notice the following discrepancies: -) The bank service charge of $40 has not been recorded -) There are deposits in transit: $2,359 -) Electronic fund receipts from customers in payment of their accounts, $1,878, not previously recorded by the company -) NSF cheques from customers: $1,500 -) Fees charged due to NSF cheques: $72 -) Outstanding company cheques which had been sent to pay for supplies of $2,359 Instructions: Create a bank reconciliation to determine the reconciled cash balance for Cinnamon Ltd. Blank #1: What is the reconciled cash balance? (Note: Enter plain amount; no currency signs or commas etc.) Blank #2: How many journal entries will be necessary to complete the bank reconciliation? Blank # 1 Blank # 2

Answer rating: 100% (QA)

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