Bank reconciliation - coursework PDF

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10/16/2020

Bank reconciliation

Manual Accounting Practice Set Cover 2 Cover, US GAAP Edition 3

Feedback: Bank reconciliation This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to the next page of your practice set.

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Now that you have completed the end of month posting procedure, you are required to prepare a bank reconciliaton as at June 30, 2020. The purpose of the bank reconciliation process is to reconcile the balance of cash shown in the company's ledger account against the balance of cash reported in the bank statement. Instructions for bank reconciliation 1) Prepare the bank reconciliation statement as at June 30, 2020. To do this, you will need to use: the previous month's bank reconciliation statement, and the current month's bank statement and cash journals Note that the bank reconciliation statement provided below may contain more rows than required. 2) Use the bank reconciliation statement to record the relevant reconciling items in the general journal. 3) Post entries recorded in the general journal to the appropriate ledger accounts according to the company's accounting policies and procedures. 4) Record the updated balance of each ledger account in the Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Balance row must still be filled out in order to receive full points. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. https://www.perdisco.com/elms/qsam/html/qsam.aspx

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Remember: Enter all answers to the nearest whole dollar. There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref. column. You are also required to apply the journals and ledgers instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed.

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Bank Reconciliation

General Journal

Subsidiary Ledgers

General Ledger (Q=822.bankRecQuestion)

Cover 2 Cover Bank Reconciliation Statement June 30, 2020 $ Balance per bank:

$ 154952

Add:

456

Deduct: No.

3465

No. No. Adjusted balance per bank Balance per book Add:

Deduct:

Adjusted balance per book

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Cover 2 Cover https://www.perdisco.com/elms/qsam/html/qsam.aspx

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Bank Reconciliation Statement June 30, 2020 $

$ 154,952

48,498

48,498 203,450

Balance as per bank statement: Add: deposit in transit

Deduct: outstanding check

No. 820

outstanding check outstanding check

No. 826 11,230 No. 829 6,000

1,392 18,622

Adjusted balance per bank

184,828

Balance per book: Add: interest earned

202,992

Deduct: NSF check bank service charge

549

18,700 13

Adjusted balance per book

549 203,541

18,713 184,828

(Q=823.generalJournalBankRec)

GENERAL JOURNAL Date

Account and Explanation

Jun 21 APC - Quickdraw Peak Jun 21

Merchandise Inventory

Post Ref.

Debit

210/210-3 120

Credit

640 640

(purchase return)

Jun 30

Jun 30

Jun 30

Jun 30

https://www.perdisco.com/elms/qsam/html/qsam.aspx

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Feedback

GENERAL JOURNAL Date

Post Ref.

Account and Explanation

Jun

21 APC - Quickdraw Peak

Jun

21

Debit

210/210-3

Merchandise Inventory

Credit

640

120

640

(purchase return)

Jun

30 Cash

100

Jun

30

403

Interest Revenue

549 549

(interest received from the bank)

Jun

30 ARC - Outlines

Jun

30

110/110-6

Cash

18,700

100

18,700

(Not-Sufficient-Funds (NSF) check)

Jun

30 Admin. Expense - Bank Charges

572

Jun

30

100

Cash

13 13

(bank service charge)

(Q=824-110-5.AcctsRec5_bankRec)

SUBSIDIARY LEDGERS Account: ARC - Amazone.com Account No. 110-5

Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

Jun

21 Credit sale

Jun

30

Jun

30

Jun

30

Jun

30 Balance

0 SJ

52,416

Ref.

Debit

52,416 DR

Feedback

Account: ARC - Amazone.com Account No. 110-5

Date

Description

May

31 Balance

Jun

21 Credit sale

https://www.perdisco.com/elms/qsam/html/qsam.aspx

Credit

Balance 0

SJ

52,416

52,416 DR 4/9

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Bank reconciliation

Jun

30 Balance

52,416 DR

(Q=824-110-6.AcctsRec6_bankRec)

Account: ARC - Outlines Account No. 110-6

Date

Description

May

Ref.

Debit

Credit

Balance

31 Balance

0

Jun

11 Credit sale

Jun

16 Repayment

Jun

23 Credit sale

Jun

30

Jun

30

Jun

30

Jun

30 Balance

SJ

26,460

CRJ

26,460 DR 18,700

SJ

4,851

7,760 DR 12,611 DR

Feedback

Account: ARC - Outlines Account No. 110-6

Date

Description

Ref.

Debit

Credit

Balance

May

31 Balance

0

Jun

11 Credit sale

Jun

16 Repayment

Jun

23 Credit sale

SJ

4,851

12,611 DR

Jun

30 Not-Sufficient-Funds (NSF) check

GJ

18,700

31,311 DR

Jun

30 Balance

SJ

26,460

CRJ

26,460 DR 18,700

7,760 DR

31,311 DR

(Q=825-100.Cash_bankRec)

GENERAL LEDGER Account: Cash Account No. 100

Date

Description

Ref.

May

31 Balance

Jun

30 Total from cash receipts journal

CRJ

Jun

30 Total from cash payments journal

CPJ

Jun

30

Jun

30

Jun

30

Jun

30

Jun

30 Balance

https://www.perdisco.com/elms/qsam/html/qsam.aspx

Debit

Credit

Balance 69,337 DR

252,019

321,356 DR 118,364

202,992 DR

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Feedback

Account: Cash Account No. 100

Date

Description

Ref.

Debit

Credit

Balance

May

31 Balance

69,337 DR

Jun

30 Total from cash receipts journal

CRJ

Jun

30 Total from cash payments journal

CPJ

Jun

30 Interest received from the bank

GJ

Jun

30 Not-Sufficient-Funds (NSF) check

GJ

18,700

184,841 DR

Jun

30 Bank service charge

GJ

13

184,828 DR

Jun

30 Balance

252,019

321,356 DR 118,364

549

202,992 DR 203,541 DR

184,828 DR

(Q=825-110-0.ARControl_bankRec)

Account: ARC - Accounts Receivable Control Account No. 110

Date

Description

May

31 Balance

Jun

30 Total from sales journal

Jun

30 Total from cash receipts journal

Jun

30

Jun

30

Jun

30

Jun

30

Jun

30 Balance

Ref.

Debit

Credit

Balance 63,032 DR

SJ

91,602

CRJ

154,634 DR 81,022

73,612 DR

Feedback

Account: ARC - Accounts Receivable Control Account No. 110

Date

Description

May

31 Balance

Jun

30 Total from sales journal

Jun

30 Total from cash receipts journal

Jun

30 Not-Sufficient-Funds (NSF) check

Jun

30 Balance

Ref.

Debit

Credit

Balance 63,032 DR

SJ

91,602

CRJ GJ

154,634 DR 81,022

18,700

73,612 DR 92,312 DR 92,312 DR

(Q=825-210-0.APControl_bankRec)

Account: APC - Accounts Payable Control Account No. 210 https://www.perdisco.com/elms/qsam/html/qsam.aspx

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Date

Description

Ref.

Debit

May

31 Balance

Jun

21 Purchase return to Quickdraw Peak

GJ

Jun

30 Total from purchases journal

PJ

Jun

30 Total from cash payments journal

Jun

30

Jun

30

Jun

30

Jun

30 Balance

Credit

Balance 72,691 CR

640

72,051 CR 16,960

CPJ

89,011 CR

83,231

5,780 CR

Feedback

Account: APC - Accounts Payable Control Account No. 210

Date May

Description

Ref.

Debit

Balance

31 Balance

72,691 CR

Jun

21 Purchase return to Quickdraw Peak

GJ

Jun

30 Total from purchases journal

PJ

Jun

30 Total from cash payments journal

Jun

Credit

640

72,051 CR 16,960

CPJ

89,011 CR

83,231

5,780 CR

30 Balance

5,780 CR

(Q=825-403.InterestRevenue_bankRec)

Account: Interest Revenue Account No. 403

Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Balance

0

Feedback

Account: Interest Revenue Account No. 403

Date

Description

May

31 Balance

Jun

30 Interest received from the bank

Jun

30 Balance

https://www.perdisco.com/elms/qsam/html/qsam.aspx

Ref.

Debit

Credit

Balance 0

GJ

549

549 CR 549 CR

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Bank reconciliation (Q=825-571.InterestExpense_bankRec)

Account: Interest Expense Account No. 571

Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

0

Jun

30

Jun

30

Jun

30

Jun

30 Balance

Feedback

Account: Interest Expense Account No. 571

Date

Description

Ref.

Debit

Credit

Balance

May

31 Balance

0

Jun

30 Balance

0

(Q=825-572.BankCharges_bankRec)

Account: Admin. Expense - Bank Charges Account No. 572

Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30 Balance

0

Feedback

Account: Admin. Expense - Bank Charges Account No. 572

Date

Description

May

31 Balance

Jun

30 Bank service charge

Jun

30 Balance

Ref.

Debit

Credit

Balance 0

GJ

13

13 DR 13 DR

Manual Accounting Practice Set Cover 2 Cover, US GAAP Edition 3 (VTU3q) © 2009 - 2014 Perdisco / latin /. v., learn thoroughly http://www.perdisco.com Terms Of Use | Privacy Policy | Saturday, October 17, 2020, 07:42

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Bank reconciliation

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