The following is the MaMa Pizza s bank statement MaMa Pizza s ledger
The following is the MaMa Pizza’s bank statement:
MaMa Pizza’s ledger shows the following transactions in the Cash account in June:
Additional information:
1. Deposit of $2,560 on July 31 was deposited in the bank on August 1.
2. Cheque 278 for $260 and cheque 298 for $1,260 were issued in July, and they were not cashed in August.
3. MaMa Pizza made an error in recording cheque 308 and the August 28 deposit. Cheque 308 was for delivery car rental fees and the deposit was a collection from a catering event.
1. Prepare MaMa Pizza’s bank reconciliation at August 31.
2. Record the entries to update the cash account balance. Include an explanation for each entry.
3. If the entries were not recorded in (2), what is the impact on each of the assets, liabilities, and shareholders’ equity accounts?
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