It is a common business practice to reconcile the bank accounts on a monthly basis. However,...
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It is a common business practice to reconcile the bank accounts on a monthly basis. However, in this problem, the reconcilation of the company's checking account will be done at the end of the year, based on an annual summary. Reconcile the bank account by comparing the following annual summary statement from Rapids City National Bank to the Cash account in the general ledger. Record joumal entries as needed and post to the general ledger. Use transaction z as the posting reference. Start by reconciling the bank account by comparing the following annual summary statement from Rapids City National Bank to the Cash account in the general ledger. For any outstanding checks, use the appropriate transaction letter/descriptions in lieu of check numbers to identify each outstanding payment. Specialty Appliance Center-Rapids City Bank Reconciliation December 31, 2018 BANK ADD: LESS: Beginning Balance, January 1, 2018 Deposits and other credits: 510,000 59,400 220,000 340,000 730,000 1,350 Interest Revenue 1,860,750 Checks and other debits: EFT to Bank Checks 2$ 140 Checks: 47,000 290,000 75,000 97,500 160 2,200 1,400 270,000 540,000 223,000 Bank service charge 2,100 (1,548,500) Ending balance, December 31, 2018 $ 312,250 *Bank Checks is a company that prints business checks (considered a bank expense) for Specialty Appliance Center-Rapids City O Reference Cash (a) 510,000 47,000 (b) (1) 59,400 290,000 (c) (m) 220,000 97,500 (d) (p) 340,000 75,000 (e) (q) 150,500 1,400 (f) (u) 730,000 2,200 (g) 160 (i) 270,000 (0) 540,000 (s) 223,000 (v) 32 (w) 3,000 (x) 60,300 (y) Bal. 400,308 It is a common business practice to reconcile the bank accounts on a monthly basis. However, in this problem, the reconcilation of the company's checking account will be done at the end of the year, based on an annual summary. Reconcile the bank account by comparing the following annual summary statement from Rapids City National Bank to the Cash account in the general ledger. Record joumal entries as needed and post to the general ledger. Use transaction z as the posting reference. Start by reconciling the bank account by comparing the following annual summary statement from Rapids City National Bank to the Cash account in the general ledger. For any outstanding checks, use the appropriate transaction letter/descriptions in lieu of check numbers to identify each outstanding payment. Specialty Appliance Center-Rapids City Bank Reconciliation December 31, 2018 BANK ADD: LESS: Beginning Balance, January 1, 2018 Deposits and other credits: 510,000 59,400 220,000 340,000 730,000 1,350 Interest Revenue 1,860,750 Checks and other debits: EFT to Bank Checks 2$ 140 Checks: 47,000 290,000 75,000 97,500 160 2,200 1,400 270,000 540,000 223,000 Bank service charge 2,100 (1,548,500) Ending balance, December 31, 2018 $ 312,250 *Bank Checks is a company that prints business checks (considered a bank expense) for Specialty Appliance Center-Rapids City O Reference Cash (a) 510,000 47,000 (b) (1) 59,400 290,000 (c) (m) 220,000 97,500 (d) (p) 340,000 75,000 (e) (q) 150,500 1,400 (f) (u) 730,000 2,200 (g) 160 (i) 270,000 (0) 540,000 (s) 223,000 (v) 32 (w) 3,000 (x) 60,300 (y) Bal. 400,308
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Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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