M inces El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end
Posted: Tue Jul 05, 2022 1:38 pm
- M Inces El Gato Painting Company Maintains A Checking Account At American Bank Bank Statements Are Prepared At The End 1 (35.1 KiB) Viewed 5 times
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mo Balance, December 31 1999 4,428 The December bank statement contained the following information: Balance, December 1 Deposits Checks processed Service charges NSF checks Balance, December 31 $3,241 43,100 (42,018) (23) (450) 3,850 The checks that were processed by the bank in December include all of the outstanding checks at the end of November except for check #365. In addition, there are some December checks that had not been processed by the bank by the end of the month. Also, you discover that check #411 for $640 was correctly recorded by the bank but was incorrectly recorded on the books as a $460 disbursement for advertising expense. Included in the bank's deposits is a $1,400 deposit incorrectly credited to the company's account. The deposit should have been posted to the credit of the Los Gatos Company. The NSF checks have not been redeposited and the company will seek payment from the customers involved. Required: 1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2021, 2. Prepare any necessary adjusting journal entries indicated. Dave & EXI Complete this question by entering your answers in the tabs below.
t aces Required 1 Required 2 Prepare a bank reconciliation for the El Gato checking account at December 31, 2021. Bank Reconciliation Balance per bank statement Add: Deposits outstanding Deduct Bank error Outstanding checks Corrected cash balance. Balance per books Deduct Error in recording check NSF checks Service charges Corrected book balance i A Help Save & Exit
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare any necessary adjusting journal entries indicated. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View journal entry worksheet View transaction list No 1 Event 1 Advertising expense Miscellaneous expense Accounts receivable General Journal < Required 1 Rejoing 2 Debit Credit letnisk