The following information relates to the cash position of AEC Pty Ltd, an educational consulting company....

 

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The following information relates to the cash position of AEC Pty Ltd, an educational consulting company. 1. As at 30 June 2021 receipts amounting to $2985 have not been deposited into the bank account. 2. Cheque #62 was correctly paid by the bank for $693. Cheque #62 was included in AEC Pty Ltd's Cash payments journal in June 2021 for $963. 3. A $2100 cheque was returned marked 'dishonoured'. The cheque had been received from S. Damon, a new customer. 4. Cheques issued which have not been presented total $4976. 5. A $1200 deposit made by A. Johns was incorrectly credited to the bank account of AEC Pty Ltd. This should have been credited to ACFS Pty Ltd. 6. General Ledger Cash at Bank account balance as at 30 June 2021 was $44494 debit. 7. The bank statement shows that the bank has charged the business's account with fees and charges of $255. 8. AEC Pty Ltd Bank Statement Balance as at 30 June 2021, showed a credit balance of $45600 Required: a) Prepare a bank reconciliation at 30 June 2021 based on the provided information. (4 Marks) b) Prepare the necessary adjusting journal entries as at 30 June 2021 (5 marks) Narrations are NOT required The following information relates to the cash position of AEC Pty Ltd, an educational consulting company. 1. As at 30 June 2021 receipts amounting to $2985 have not been deposited into the bank account. 2. Cheque #62 was correctly paid by the bank for $693. Cheque #62 was included in AEC Pty Ltd's Cash payments journal in June 2021 for $963. 3. A $2100 cheque was returned marked 'dishonoured'. The cheque had been received from S. Damon, a new customer. 4. Cheques issued which have not been presented total $4976. 5. A $1200 deposit made by A. Johns was incorrectly credited to the bank account of AEC Pty Ltd. This should have been credited to ACFS Pty Ltd. 6. General Ledger Cash at Bank account balance as at 30 June 2021 was $44494 debit. 7. The bank statement shows that the bank has charged the business's account with fees and charges of $255. 8. AEC Pty Ltd Bank Statement Balance as at 30 June 2021, showed a credit balance of $45600 Required: a) Prepare a bank reconciliation at 30 June 2021 based on the provided information. (4 Marks) b) Prepare the necessary adjusting journal entries as at 30 June 2021 (5 marks) Narrations are NOT required

Answer rating: 100% (QA)

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