At March 31, the balance of the Cash account according to the records of Fisher Company...

 

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At March 31, the balance of the Cash account according to the records of Fisher Company was $7,261. The March 31 bank statement showed a balance of $8,798. Reconciling items include the following: • Deposit in transit at March 31, $6,772. • Outstanding checks: number 120, $140; number 121, $932; number 127, $307; number 134, $2,200. • Service charge by bank, $50. • A note receivable for $5,050 left by Fisher Company with bank for collection that had been collected and credited to company's account. No interest involved. • A check for $90 drawn by a customer, Stuart Sands, but deducted from Fisher's account by the bank and returned with the notation "Non- sufficient funds (NSF)." • Fisher's check number 480, issued in payment of $970 worth of office equipment, correctly written in the amount of $970 but erroneously recorded in Fisher's accounting records as $790. Required: Prepare the bank reconciliation of Fisher Company at March 31, using the format shown below. Fisher Company Bank Reconciliation March 31 Balance per bank statement, March 31 $ Add: Deduct: Adjusted balance Balance per depositor's records 24 Add: Deduct: Adjusted balance (as above) At March 31, the balance of the Cash account according to the records of Fisher Company was $7,261. The March 31 bank statement showed a balance of $8,798. Reconciling items include the following: • Deposit in transit at March 31, $6,772. • Outstanding checks: number 120, $140; number 121, $932; number 127, $307; number 134, $2,200. • Service charge by bank, $50. • A note receivable for $5,050 left by Fisher Company with bank for collection that had been collected and credited to company's account. No interest involved. • A check for $90 drawn by a customer, Stuart Sands, but deducted from Fisher's account by the bank and returned with the notation "Non- sufficient funds (NSF)." • Fisher's check number 480, issued in payment of $970 worth of office equipment, correctly written in the amount of $970 but erroneously recorded in Fisher's accounting records as $790. Required: Prepare the bank reconciliation of Fisher Company at March 31, using the format shown below. Fisher Company Bank Reconciliation March 31 Balance per bank statement, March 31 $ Add: Deduct: Adjusted balance Balance per depositor's records 24 Add: Deduct: Adjusted balance (as above)

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Fisher Company Bank Reconcillation March 31 Balance as per Bank statement March 31 8798 ... View the full answer