Chapter $7-$ Take$-$Home Assignment

$136$

Question $2.)$ Bank Reconciliation

The following information pertains to Ferguson Corp. Cash per company records $($Book Balance$)$

Cash per bank statement $($Bank Balance$)$

Bank service charges not yet recorded in company records.

Note collected by bank not yet recorded in company records:

Amount of note receivable

Amount of interest

$\backslash$table$[[$$$,1,488,,],[$$$,23,$$$,1,511]]$

Fluet Inc. cheque deducted in error by bank

$214$

December cheques not yet paid by bank in December:

$\backslash$table$[[$#$,646,$$$,416,,],[$#$,652,$$$,838,,],[$#$,662,$$$,244,,],[$#$,674,$$$,261,$$$,1,759]]$

December deposit recorded by the bank January $3,2017$

$

$539$

Required: $,$ Prepare a bank reconciliation and all necessary adjusting entries at December $31,2016.$

These are the account names required in Step $9.)$

Chart of Accounts

Bank Charges Expense

Cash

Interest Earned

Notes Receivable

NSF means Not Sufficient Funds. I.e$.,$ the bank is telling you that a customer has written you a bad cheque. The customers bank account did not have enough money to cover the cheque.