Question 2 [30 points]

The following information is for Zcom Inc.:

1. Balance per the bank statement dated August 31, 2014 is $30,350.
2. Balance of the Cash account on the company books as of August 31

Question 2 [30 points) The following information is for Zcom Inc.: a. Balance per the bank statement dated August 31, 2014 is $30,350. b. Balance of the Cash account on the company books as of August 31, 2014 is $17,810. c. Cheque #272, for office supplies in the amount of $932, was recorded in the Cash Disbursements Journal incorrectly as $9,932. d. Cheques written that had not cleared the bank by August 31, 2014 were: #281 : $1,150 #289: $1,150 #280 : $1,250 #292: $1,300 e. The bank had collected a $350 note. f. Included with the bank statement was a $40 credit memorandum for interest earned on the bank account during the month. g. Bank deposit on August 31, 2014 for $1,200 does not appear on the bank statement. h. Included with the bank statement was an NSF cheque for $500 that had been received from a customer in payment of his account. Prepare a bank reconciliation statement as of August 31, 2014, as well as the necessary adjusting journal entries. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). Zcom Inc. Bank Reconciliation August 31, 2014 Bank statement balance Book balance Add: Add: + Deduct: + = Deduct: Outstanding cheques: + = Adjusted bank balance Adjusted book balance General Journal Account/Explanation Page GJ2 Credit Date Debit + =