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BANK RECONCILIATION

Item #1. The bank statement for August 2017 shows an ending balance of $3,490.

Item #2. On August 31 the bank statement shows charges of $35 for the service charge for
maintaining the checking account.
Item #3. On August 28 the bank statement shows a return item of $100 plus a related bank
fee of $10. The return item is a customer's check that was returned because of
insufficient funds. The check was also marked "do not redeposit."
Item #4. The bank statement shows a charge of $80 for check printing on August 20.
Item #5. The bank statement shows that $8 was added to the checking account on August
31 for interest earned by the company during the month of August.
Item #6.
The bank statement shows that a note receivable of $1,000 was collected by the
bank on August 29 and was deposited into the company's account. On the same
day, the bank withdrew $40 from the company's account as a fee for collecting the
note receivable.

Item #7. The company's Cash account at the end of August shows a balance of $967.

Item #8.
During the month of August the company wrote checks totaling more than
$50,000. As of August 31 $3,021 of the checks written in August had not
yet cleared the bank and $200 of checks written in June had not yet cleared the
bank.

Item #9. The $1,450 of cash received by the company on August 31 was recorded on the
company's books as of August 31. However, the $1,450 of cash receipts was
deposited at the bank on the morning of September 1.
Item #10.
On August 29 the company's Cash account shows cash sales of $145. The bank
statement shows the amount deposited was actually $154. The company
reviewed the transactions and found that $154 was the correct amount.
Answer
The bank statement of the Fast company shows a balance of $10,000 on 31 January
2015 whereas the company’s ledger shows a balance of $8,526. The following reasons
were identified for this discrepancy.

• An amount of $822 sent to the bank for deposit on 31 January 2015 does not
appear in the bank statement.
• The following checks issued during the month of January have not yet been
cleared by the bank.
Check No: 201, Issue date: 15 January 2015, Amount; $200;
Check No: 212, Issue date: 19 January 2015, Amount; $20;
Check No: 216, Issue date: 25 January 2015, Amount; $610;
• A note receivable amounting to $1,588 has been collected by bank for the
company.
• The bank statement shows that interest amounting to $50 has been earned on
average account balance during January.
• The bank has charged $10 for the collection of note.
• A check of $100 deposited by the company has been charged back as NSF.
• An amount of $25 has been deducted by bank as service charges for the month of
January.
• The check no. 220 was issued to electricity company. The check was in the amount
of $95 but was erroneously recorded in the cash payments journal as $59.

Required: Prepare a bank reconciliation statement for the Fast company using above
information. Also make journal entries to update the accounting records of the
company.
Company AsemManis‘s bank statement dated Dec 31, 2011 shows a balance of $24,594.72. The
company's cash records on the same date show a balance of $23,196.79. Following additional
information is available:

• Following checks issued by the company to its customers are still


outstanding:
No. 846 issued on Nov 29 $320.00
No. 875 issued on Dec 26 49.21
No. 878 issued on Dec 29 275.00
No. 881 issued on Dec 31 186.50
• A deposit of $400.00 made on Dec 31 does not appear on bank statement.
• An NSF check of $850 was returned by the bank with the bank statement.
• The bank charged $50 as service fee.
• Interest income earned on the company's average cash balance at bank was
$1,237.22.
• The bank collected a note receivable on behalf of the company. Amount
received by the bank on the note was $550. This includes $50 interest income.
The bank charged a collection fee of $10.
• A deposit of $430 was incorrectly entered as $340 in the company's cash
records.