Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751 Paul’s garage ltd $ 478.00 754 Plumber $ 172.00 764 Peet’s Records $ 3,453.00 777 HD supplies $ 95.00 SES received a reimbursement from the IRS for income tax for $932.25 that was automatically deposited in June
Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751 Paul’s garage ltd $ 478.00 754 Plumber $ 172.00 764 Peet’s Records $ 3,453.00 777 HD supplies $ 95.00 SES received a reimbursement from the IRS for income tax for $932.25 that was automatically deposited in June
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...
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Question
Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019:
He provides you with the following information:
- Opening Book balance of: $12,423.21
- Balance on the June 30th bank statement: $17,743.96
- SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145.
- Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June
- Bank service charge for June was $12.50
- Interest earned on checking account for June was $25 and automatically deposited
- The bank statement shows a deposit of $423 that SES didn’t make. After a call to the
Bank Manager, she apologized and told John the error would be corrected in July
- The following cheques are outstanding as at June 30th:
|
Cheque # |
Payee |
Amount |
|
745 |
Landlord |
$ 2,100.00 |
|
751 |
Paul’s garage ltd |
$ 478.00 |
|
754 |
Plumber |
$ 172.00 |
|
764 |
Peet’s Records |
$ 3,453.00 |
|
777 |
HD supplies |
$ 95.00 |
- SES received a reimbursement from the IRS for income tax for $932.25 that was automatically deposited in June.
Please prepare the SES bank reconciliation as at June 30th and required
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