Mikael employs a book?keeper to maintain her accounting records. The book?keeper was taken ill and was unable
Question:
Mikael employs a book?keeper to maintain her accounting records. The book?keeper was taken ill
and was unable to complete the accounting records for August 2022.
The entries the book?keeper made in the cash book for August 2022 are shown on the opposite
page.
The following transactions took place on 31 August 2022.
1 Received a cheque from Jason to settle his debt of $660 after deducting 2% cash discount.
2 Paid a cheque to Ellie for $858 to settle her account after deducting 2½% cash discount.
Sophie received her bank statement for August and compared it with her cash book.
The following items appeared on the bank statement but had not been recorded in Sophie’s
accounting records.
$
Bank charges 43
Cheque received from Jack on 17 August dishonoured 256
Payment of insurance by direct debit 40
A credit customer, Bella, had paid her account by credit transfer 160
REQUIRED
(a) Complete Mikael's cash book on the page opposite.
Balance the cash book and bring down the balances on 1 September 2022.
(b) Prepare a bank reconciliation statement for Mikael at 31 August 2022 to determine the balance on the bank statement.
Cost management a strategic approach
ISBN: 978-0073526942
5th edition
Authors: Edward J. Blocher, David E. Stout, Gary Cokins