The following information is available for Pyle Garage for March, Year $2$:

BANK STATEMENT

HAZARD STATE BANK

$215$ MAIN STREET

HAZARD, GA $30321$

Pyle Garage

$629$ Main Street

HAZARD, GA $30321$ Account number

$62-00062$

March $31,$ Year $2$

Beginning balance $3/1/$Year $2$ $$9,075$

Total deposits and other credits $30,123$

Total checks and other debits $25,054$

Ending balance $3/31/$Year $214,144$

Checks and Debits Deposits and Credits

Check No$.$ Amount Date Amount

$1462$ $ $3,798$ March $1$ $ $1,145$

$14631,688$ March $26,550$

$14648,045$ March $64,981$

$14652,947$ March $126,212$

$14661,451$ March $176,009$

$14676,222$ March $222,130$

DM $63$ CM $3,096$

$1468840$

The following is a list of checks and deposits recorded on the books of Pyle Garage for March, Year $2$:

Date Check No$.$ Amount of Check Date Amount of Deposit

March $11463$ $ $1,688$ March $1$ $ $6,550$

March $514648,045$ March $54,981$

March $614652,947$

March $914661,451$ March $106,212$

March $1014676,222$

March $141468140$ March $166,009$

March $1914691,542$ March $192,130$

March $281470786$ March $293,588$

Other Information

Check no$.1462$ was outstanding from February.

A credit memo for collection of accounts receivable was included in the bank statement.

All checks were paid at the correct amount.

The bank statement included a debit memo for service charges.

The February $28$ bank reconciliation showed a deposit in transit of $$1,145.$

Check no$.1468$ was for the purchase of equipment.

The unadjusted Cash account balance at March $31$ was $$13,071.$

Required:

Prepare the bank reconciliation for Pyle Garage at the end of March.

Explain how the adjustments described above affect the cash account.

Answer rating: 100% (QA)

Bank Reconciliation for Pyle Garage March Year 2 Beginning Bank Statement Balance March 1 Year 2 907... View the full answer