Your accountant has been asked to prepare the bank reconciliation for Ultimate Discs (UD), a store that
Question:
Your accountant has been asked to prepare the bank reconciliation for Ultimate Discs (UD), a store that sells frisbees. • You login to the online bank statement and note that the bank balance is $66,362 as at March 31. 2017. The amount of cash recorded in the accounting records (the books) is $64,800. • You go through the online bank statement and notice an electronic fund transfer from a customer for $2,300. This customer had purchased goods on account. • UD earned $48 of interest income, but was also charged a $25 service charge as the cash balance dropped below the minimum balance of $70,000 this month. • The bank notified you that one of the cheques you had deposited had insufficient funds in that customer’s bank account. The cheque and bank charges are $761.
Required a. Prepare a bank reconciliation at March 31, 2017.
b. Prepare the necessary journal entries.
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