The following is Oishi Sushi's bank statement:

Oishi Sushi€™s ledger shows the following transactions in the Cash account in June:

Additional information:
1. Deposit of $4,250 on May 31st was deposited in the bank on June 1.
2. Cheque 178 for $140 and cheque 180 for $625 were issued in May, and they were not cashed in June.
3. Oishi Sushi made an error in recording cheque 190 and the June 28 deposit. Cheque 190 was for an advertisement and the deposit was a collection from ABC Corp.
Requirements
1. Prepare Oishi Sushi€™s bank reconciliation at June 30.
2. Record the entries to update the cash account balance. Include an explanation for each entry.
3. If the entries were not recorded in (2), what is the impact on each of the assets, liabilities, and shareholders€™ equity accounts?

Transcribed Image Text:

Date May 31 Description Debit Credit Balance 12,650 16,900 16,120 13,415 3,48016,895 16,270 14,590 10,990 12,710 11,870 11,320 10,700 10,685 12,110 11,480 13,910 10,310 10,275 10,250 Jun 1 Deposit 4,250 3 | Cheque #144 780 2,705 Cheque #162 7 Deposit 10 Cheque #183 12 | Cheque #184 15 EFT Salaries 16 Deposit 16 | Cheque #185 18 | Cheque #188 20 NSF Cheque Fundy Bay FishMart 20 NSF Fee 24 EFT Collection Dalhousie Inc 27 | Cheque #190 30 Deposit 30 EFT-Salaries 30 Bank Service Charges 30 Interest Charges 625 1,680 3,600 1,720 840 550 620 15 1,425 630 2,430 3600 35 25 Credit Date May 31 Description Debit Balance 12,650 16,130 15,505 13,825 12,985 11,625 10,675 12,395 11,845 11,480 10,800 13,140 17,660 3,480 Jun 1 Deposit Jun 8 | Cheque #183 Jun 9 | Cheque #184 Jun 10 | Cheque #185 Jun 12 | Cheque #186 Jun 12 | Cheque #187 Jun 16 Deposit Jun 16 | Cheque #188 Jun 20 | Cheque #189 Jun 22 | Cheque #190 Jun 28 Deposit Jun 30 Deposit 1,680 840 1,360 950 1,720 550 365 680 2,340 4,520