a. The bank erroneously cleared a $540 check against the company account in March that S....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
a. The bank erroneously cleared a $540 check against the company account in March that S. Rey did not issue. The check was actually issued by Business Systems. b. On March 25, the bank statement lists a $47 charge for a safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a $100 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. d. On March 31, the bank statement lists $38 interest earned on Business Solutions's checking account for the month of March. Santana has not yet recorded this revenue. e. S. Rey notices that the check she issued for $134 on March 31, 2022, has not yet cleared the bank. f. S. Rey verifies that all deposits made in March do appear on the March bank statement. Required: 1. Prepare a bank reconciliation for Business Solutions for the month ended March 31, 2022. Bank statement balance Add: Deduct: Adjusted bank balance BUSINESS SOLUTIONS Bank Reconciliation March 31, 2022 Book balance Add: Deduct: Adjusted book balance 2. Prepare any necessary entries. Use Miscellaneous Expenses, for any bank charges. Use Interest Revenue, for any interest earned on the checking account for March. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 Record journal entry related to the $540 check charged erroneously to Business Solutions' account, if required. Note: Enter debits before credits. Date March 31 General Journal Debit Credit a. The bank erroneously cleared a $540 check against the company account in March that S. Rey did not issue. The check was actually issued by Business Systems. b. On March 25, the bank statement lists a $47 charge for a safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a $100 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. d. On March 31, the bank statement lists $38 interest earned on Business Solutions's checking account for the month of March. Santana has not yet recorded this revenue. e. S. Rey notices that the check she issued for $134 on March 31, 2022, has not yet cleared the bank. f. S. Rey verifies that all deposits made in March do appear on the March bank statement. Required: 1. Prepare a bank reconciliation for Business Solutions for the month ended March 31, 2022. Bank statement balance Add: Deduct: Adjusted bank balance BUSINESS SOLUTIONS Bank Reconciliation March 31, 2022 Book balance Add: Deduct: Adjusted book balance 2. Prepare any necessary entries. Use Miscellaneous Expenses, for any bank charges. Use Interest Revenue, for any interest earned on the checking account for March. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 Record journal entry related to the $540 check charged erroneously to Business Solutions' account, if required. Note: Enter debits before credits. Date March 31 General Journal Debit Credit
Expert Answer:
Answer rating: 100% (QA)
Answer Business Solutions Bank Reconciliation March 31 2022 Bank Statement Balance Add Outstanding ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Use the following information to answer the question below. FunnyPharm Inc., has four departments. Administration, Custodial, Production, and Bottling. Administration and Custodial are service...
-
Santana Rey receives the March bank statement for Business Solutions on April 11, 2012. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with...
-
Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,566. The general ledger Cash account, No. 101,...
-
How is it that a state, or any state, such as Oregon, can offer more provisions under FMLA (OFLA) than then the federal rule of FMLA does?
-
The article Students Increasingly Turn to Credit Cards (San Luis Obispo Tribune, July 21, 2006) reported that 37% of college freshmen carry a credit card balance from month to month. Suppose that the...
-
Decide if each of these is an orthonormal matrix. (a) (b) (c) 1//2 -1//2 (-1/V2 -1/V2) -1//2 -1/V2 -1/V2
-
On 31 October 20x8, Mobile Centre Ltd, owned by Alex Ferguson, had the following assets and liabilities: Required Prepare a balance sheet as at 31 October 20x8. Use the blank balance sheet provided...
-
Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is opened from April through September and attracts many famous college basketball coaches during the off-season. Guests...
-
Are the lines Y and Z parallel? (The figure may not be drawn to scale). Y Z Show your work here 43 137
-
The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31, 2022 Contributed capital: Tactex Controls Inc. Equity...
-
Consider the following code written for a simple circuit bcf status, 6 bsf status, 5 movlw 0xc0 movwf trisB bcf status, 5 loop: btfsc portB, 7 goto L bc portB, 0 goto loop bsf portB, 0 goto loop 4
-
Corpus Christi Bicycle Company manufactures commuter bicycles from recycled materials. Corpus Christi Bicycle Company records standard costs in its accounts. The following data for March are...
-
Roles that can be played by Investment Banks in the Maldives and in the economic growth. Explain with references. Focus on following points: The potential reasons why the involvement of Investment...
-
"Sustained tax and spending policies that boost consumption in ways that reduce the saving rate are likely to lower long-run living standards." Using an essay format, please share your economic...
-
Report on Global Tourism and Hospitality Futures Tourism/Hospitality Futures Scenario Executive Summary Introduction - An overview of the six mega-trends Body - Critically analyse the mega-trends in...
-
What is the takeaway from Sikes, B., Gulbro, R., & Shoney, L. (2010). Conflict in work teams: problems and solutions. Academy of Organizational Culture. 15 (1), 15-19.
-
CdF2 (s) Cd+ (aq) + 2 F- (aq) 1. A saturated solution of CdF2 is prepared. The equilibrium in the solution is represented above. In the solution [Cd+] eq = 0.0585 M and [F-] eq = 0.117 M. a....
-
Complex Corporation started operations on 1/1/15. At 12/31/15, the company owned the following leases in Canada: Compute DD&A for Canada, assuming the following: a. No exclusions from the...
-
Data for Porch Oil Company is as follows for all U.S. properties: a. Apply the full cost ceiling test and record any entries necessary, assuming that all possible costs are excluded from...
-
Alan Oil Corporation, located in Denver, Colorado, has been operating for three years. Alan uses full cost accounting and excludes all possible costs from the amortization base. The following account...
Study smarter with the SolutionInn App