Bank reconciliation This question continues on from question 1 above. The bank reconciliation for Mask Up at 30 April 20

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Bank reconciliation
This question continues on from question 1 above.
The bank reconciliation for Mask Up at 30 April 2022 is shown
below:
Bank reconciliation as at 30 April 2022
Cash balance as per bank statement 30 April 2022
$32,900.00
Add: outstanding deposits
$100.00
$33,000.00
Less: Unpresented cheques
Cheque amount
- Chq 26
$55.00
- Chq 30
$200.00
- Chq 31
$500.00
$755.00
Cash balance as per ledger
$32,245.00
The May 2022 bank statement appeared as follows:
Date
Description
Deposit
Withdrawal
Balance
1/05/2022
Opening balance
$32,900.00
1/05/2022
Deposit
100.00
$33,000.00
2/05/2022
Deposit
300.00
$33,300.00
2/05/2022
Cheque 26
55.00
$33,245.00
2/05/2022
Cheque 31
500.00
$32,745.00
3/05/2022
Deposit
2,180.00
$34,925.00
3/05/2022
Cheque 33
430.00
$34,495.00
6/05/2022
Cheque 34
3,800.00
$30,695.00
9/05/2022
Deposit
5,800.00
$36,495.00
9/05/2022
Cheque 36
660.00
$35,835.00
12/05/2022
Deposit
1,332.00
$37,167.00
14/05/2022
Deposit
2,136.00
$39,303.00
14/05/2022
Cheque 37
500.00
$38,803.00
16/05/2022
Deposit
3,200.00
$42,003.00
19/05/2022
Deposit
550.00
$42,553.00
25/05/2022
Deposit
3,200.00
$45,753.00
25/05/2022
Cheque 39
3,140.00
$42,613.00
28/05/2022
Deposit
1,065.00
$43,678.00
29/05/2022
Cheque 40
200.00
$43,478.00
30/05/2022
Deposit
1,200.00
$44,678.00
31/05/2022
Bank fees
25.00
$44,653.00
31/05/2022
Interest
14.68
$44,667.68
31/05/2022
Closing balance
$44,667.68
Mask Up’s accounting records for May 2022 showed the
following:
Cash payments journal:
Cash receipts journal:
Amount
Date
Chq number
Amount
Date
banked
1/05/2022
32
$195.00
2/05/2022
33
$340.00
1/05/2022
$300.00
2/05/2022
34
$3,800.00
2/05/2022
$2,180.00
4/05/2022
35
$511.00
8/05/2022
$5,880.00
8/05/2022
36
$660.00
11/05/2022
$1,322.00
10/05/2022
37
$5,000.00
13/05/2022
$2,136.00
17/05/2022
38
$870.50
24/05/2022
$3,200.00
22/05/2022
39
$3,140.00
27/05/2022
$1,056.00
24/05/2022
41
$1,266.00
29/05/2022
$1,200.00
31/05/2022
42
$972.00
31/05/2022
$1,600.00
$16,754.50
$18,874.00
The current balance in the ‘bank’ ledger account (after the
above receipts and payments have been entered) on 31 May 2022 is:
$32,245.00 + $18,874 deposits - $16,754.50 withdrawals =
$34,364.50.
Mr and Mrs Stitch have come to you for help, as they are having
trouble reconciling the bank account as at 31 May 2022.
The bank did not make any errors.
Required:
i) In an Excel worksheet (and not in Xero), prepare the
bank reconciliation as at 31 May 2022. (4
marks)
ii) In an Excel worksheet, prepare the journal entries to
correct any errors made by Mr and Mrs Stitch, and to record
transactions that have not yet been entered into the business’s
accounting records. (Note: The correction of any errors relating to
the recording of cheques should be made to ‘Accounts payable’. The
correction of any errors relating to deposits (other than interest
received) should be made to ‘Accounts receivable’.) (4
marks)
iii) In an Excel worksheet, prepare the ‘bank’ ledger
account (using the T-Account format) for May 2022, to determine the
balance in the account after the above journal entries have been
recorded and posted. (2 marks)