Preparing a bank reconciliation and recording adjustments

Problem 7-9A Preparing a bank reconciliation and recording adjustments LO6 Stewart Recording Studio, owned by Ron Stewart, showed the following bank reconciliation at March 31: Stewart Recording Studio Bank Reconciliation March 31, 2020 Bank statement balance $23, 100 Book balance $32 , 345 Add : Deposit of March 31 in transit 10 , 450 $33, 550 Deduct : Outstanding cheques: #14 $870 #22 335 1, 205 Adjusted bank balance $32,345 Adjusted book balance $32 , 345 Cash Acct. No. 101 Date Explanation PR Debit Credit Balance 2020 March 31 Balance 32, 345 April 30 CR17 74, 660 107, 005 30 CD13 99, 452 7,553 A list of deposits made and cheques written during April, taken from the Cash Receipts Journal and Cash Disbursements Journal, is shown below: Deposits Made April 7 $ 720 13 4, 800 18 6, 160 23 14 , 510 27 1, 830 30 46, 640 Total April Cash Receipts $74, 660Cheques Written No. 23 $ 5,430 24 3,290 25 980 26 340 27 4, 640 28 4,900 29 21, 510 30 45, 400 31 452 32 12, 510 Total April Cash Disbursements $99, 452 The following bank statement is available for April: Bank Statement April 30, 2020 To: Stewart Recording Studio Bank of Canada Cheques /Charges Deposits/Credits Balance 23, 100 #31 04/03 452 04/03 10 , 450 33, 098 #28 04/07 9,400 04/07 720 24, 418 #26 04/13 340 04/13 4,800 28,878 NSF 04/18 15,570 04/18 6, 160 19, 468 #24 04/23 3, 290 04/23 14, 510 30, 688 #23 04/27 5,430 04/27 1, 830 27,088 #29 04/30 21, 510 04/30 130, 000 135, 578 PMT 04/30 17, 420 118, 158 INT 04/30 930 117, 228 SC 04/30 195 117,033 NSF - Not Sufficient sc - Service PMT - Payment of INT - Interest Funds Charge Principal on on Bank the loan LoanIn reviewing cheques returned by the bank. the bookkeeper discovered that cheque #28, for delivery expense. was recorded in the Cash Disbursements Journal correctly as $4,900. The NSF cheque for $15,570 was that of customer Oprah Winney, deposited in March. On the bank statement, the payment for $17,420 is regarding a note payable. There is also a deposit of $130,000 dated April 30. it is an investment made by the owner into the business [the bank transferred the funds electronically from the owner's personal account to his business account. which is why it was not recorded in the Cash Receipts Journal]. Required: a. Prepare a bank reconciliation for Stewart Recording Studio at April 30. Bank Statement Bank statement balance Book balance Daduct: Outstanding cheques: Adjusted bank balance Adjusted hook balance b. Prepare the necessaryjournal entries to bring the General Ledger Cash account into agreement with the adjusted balance on the bank reconciliation. View transaction list Journal entry worksheet Record the April bank service charges. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30 Record entry Clear entry View general journalb. Prepare the necessary journal entries to bring the General Ledger Cash account into agreement with the adjusted balance on the bank reconciliation. View transaction list Journal entry worksheet Record the April payment on note. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30 Record entry Clear entry View general journalb. Prepare the necessaryjournal entries to bring the General Ledger Cash account into agreement with the adjusted balance on the bank reconciliation. View transaction list Journal entry worksheet Record the Investment by owner. Note: Enter debits before credits. Clear entry View general journal