The following details were obtained from the books of Al Bundy for the month of June...
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The following details were obtained from the books of Al Bundy for the month of June 2020 June 1 Balance b/d Cash 20,500, Bank Overdraft 45,000 2 Sold goods $80,000 by cheque 912775 3 Paid cash $8,000 for Office Supplies 5 Sold goods $60,000 on credit to Felix on terms 10%/5, net 30 6 Received $95,000 by cheque 32250 from Makeba 7 Received Commission $40,000 by cheque 770501 8 Paid Insurance $12,000 by cheque 480106 9 Received payment in full settlement from Felix by cheque 525123 10 Transfer $20,000 cash from bank for business use 13 Purchased goods $35,000 by cheque 480107 18 The following paid their accounts by cheque being allowed a 10% discount Roberto $80,000 cheque 332100 Gustav $40,000 cheque 728561 20 Purchased stationery $15000 by cash 21 Write off the balance of $12,000 from the books Segal as a bad debt 22 Sold goods $40,000 by cheque 586638 23 Paid the following their accounts by cheque receiving a 5% discount Shelly $30,000 cheque 480108 Elaine $60,000 cheque 480109 25 Paid Wages $120,000 by cheque 480110 28 Owner took goods $30,000 and $20,000 by cheque 480111 for personal use Al Bundy's Bank Statement for the month of June was as follows Date Details 1-Jun Bal b/d 4-Jun 912775 8-Jun Credit Transfer 10-Jun 480106 10-Jun Cash 12-Jun 525125 14-Jun Direct Debit Dr 12,000 20,000 75,000 18-Jun 525125 Refer to drawer 54,000 25-Jun 480110 120,000 30-Jun Bank Charges 7,000 Cr Bal -45,000 80,000 35000 120,000 155000 143,000 123,000 54,000 177,000 102,000 48,000 -72,000 -79,000 The following transactions were obtained from the books of Al Bundy for the month of July 2020 1-Jul Balance b/d Cash 17500 Bank 63.500 3-Jul Sold goods $35,000 by cash 4-Jul Paid for office supplies $20,000 by cheque 480112 8-Jul Transfer $20,000 cash to bank 9-Jul Sold goods $60,000 on credit to Denvo on terms 5%/10, net 30 10-Jul Paid 3,000 cash for cleaning supplies 12-Jul Received commission $40,000 by cheque 881623 14-Jul Paid the following by cheque receiving a 5% discount Helene S 60,000 cheque 480113 Desmond $80,000 cheque 480114 15-Jul Received cheque 458802 from Denvo in full settlement 19-Jul Sold goods $80,000 by cheque 202058. 20-Jul The following paid their account by cheque being allowed a 5% discount Rocky $60,000 cheque 150123 Marvin $50,000 cheque 905671 23-Jul Paid for Motor Vehicle repairs $40,000 by cheque 480115 25-Jul Paid wages $120,000 by cheque 480116 25-Jul Paid legal fees $300,000 by cheque 480117 28-Jul Owner took goods $20,000 and $35,000 cheque 480118 for personal use The ban statement for July was as follows: Date Details 1-Jul Bal b/d 3-Jul 32250 3-Jul 770501 5-Jul 480112 10-Jul Cash 11-Jul 332100 11-Jul 728561 11-Jul 586639 12-Jul 881623 15-Jul 480107 Dr Cr Bal 20,000 35,000 16-Jul Standing Order 100,000 17-Jul 480113 57000 18-Jul 480114 76000 20-Jul Credit Transfer 22-Jul 202058 25-Jul 480111 25-Jul 480116 26-Jul 202058 NSF 28-Jul 480108 31-Jul Bank Charges 20,000 120,000 80,000 28,500 5,600 -79,000 95,000 16,000 40,000 56000 36000 20,000 $6,000 72,000 128000 36,000 164000 40,000 204000 40,000 244000 209000 109000 $2000 -24000 200,000 176000 80,000 256000 236000 116000 36000 7500 1900 Required a. Prepare the bank reconciliation for the months of June and July b. Prepare the bank reconciliation for the months of June and July The following details were obtained from the books of Al Bundy for the month of June 2020 June 1 Balance b/d Cash 20,500, Bank Overdraft 45,000 2 Sold goods $80,000 by cheque 912775 3 Paid cash $8,000 for Office Supplies 5 Sold goods $60,000 on credit to Felix on terms 10%/5, net 30 6 Received $95,000 by cheque 32250 from Makeba 7 Received Commission $40,000 by cheque 770501 8 Paid Insurance $12,000 by cheque 480106 9 Received payment in full settlement from Felix by cheque 525123 10 Transfer $20,000 cash from bank for business use 13 Purchased goods $35,000 by cheque 480107 18 The following paid their accounts by cheque being allowed a 10% discount Roberto $80,000 cheque 332100 Gustav $40,000 cheque 728561 20 Purchased stationery $15000 by cash 21 Write off the balance of $12,000 from the books Segal as a bad debt 22 Sold goods $40,000 by cheque 586638 23 Paid the following their accounts by cheque receiving a 5% discount Shelly $30,000 cheque 480108 Elaine $60,000 cheque 480109 25 Paid Wages $120,000 by cheque 480110 28 Owner took goods $30,000 and $20,000 by cheque 480111 for personal use Al Bundy's Bank Statement for the month of June was as follows Date Details 1-Jun Bal b/d 4-Jun 912775 8-Jun Credit Transfer 10-Jun 480106 10-Jun Cash 12-Jun 525125 14-Jun Direct Debit Dr 12,000 20,000 75,000 18-Jun 525125 Refer to drawer 54,000 25-Jun 480110 120,000 30-Jun Bank Charges 7,000 Cr Bal -45,000 80,000 35000 120,000 155000 143,000 123,000 54,000 177,000 102,000 48,000 -72,000 -79,000 The following transactions were obtained from the books of Al Bundy for the month of July 2020 1-Jul Balance b/d Cash 17500 Bank 63.500 3-Jul Sold goods $35,000 by cash 4-Jul Paid for office supplies $20,000 by cheque 480112 8-Jul Transfer $20,000 cash to bank 9-Jul Sold goods $60,000 on credit to Denvo on terms 5%/10, net 30 10-Jul Paid 3,000 cash for cleaning supplies 12-Jul Received commission $40,000 by cheque 881623 14-Jul Paid the following by cheque receiving a 5% discount Helene S 60,000 cheque 480113 Desmond $80,000 cheque 480114 15-Jul Received cheque 458802 from Denvo in full settlement 19-Jul Sold goods $80,000 by cheque 202058. 20-Jul The following paid their account by cheque being allowed a 5% discount Rocky $60,000 cheque 150123 Marvin $50,000 cheque 905671 23-Jul Paid for Motor Vehicle repairs $40,000 by cheque 480115 25-Jul Paid wages $120,000 by cheque 480116 25-Jul Paid legal fees $300,000 by cheque 480117 28-Jul Owner took goods $20,000 and $35,000 cheque 480118 for personal use The ban statement for July was as follows: Date Details 1-Jul Bal b/d 3-Jul 32250 3-Jul 770501 5-Jul 480112 10-Jul Cash 11-Jul 332100 11-Jul 728561 11-Jul 586639 12-Jul 881623 15-Jul 480107 Dr Cr Bal 20,000 35,000 16-Jul Standing Order 100,000 17-Jul 480113 57000 18-Jul 480114 76000 20-Jul Credit Transfer 22-Jul 202058 25-Jul 480111 25-Jul 480116 26-Jul 202058 NSF 28-Jul 480108 31-Jul Bank Charges 20,000 120,000 80,000 28,500 5,600 -79,000 95,000 16,000 40,000 56000 36000 20,000 $6,000 72,000 128000 36,000 164000 40,000 204000 40,000 244000 209000 109000 $2000 -24000 200,000 176000 80,000 256000 236000 116000 36000 7500 1900 Required a. Prepare the bank reconciliation for the months of June and July b. Prepare the bank reconciliation for the months of June and July
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Balance as per Bank Statement Add Cheque received but not deposited tobank Adjusted Balance as per b... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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