Prepare a Bank Reconciliation JUSTQUESTIONANSWERONLY

 

On May 31, 2010, Sharp Company had a cash balance in its general ledger of $6,675. The company’s bank statement from National Bank showed a May 31 balance of $8,240. The following facts have come to your attention

a:Sharp’s May 31 deposit of $1,000 was not included on the bank statement because it was dropped in the night depository after bank hours on May 31

b The banks general service charge for the month was $100

c the bank collected a note receivable of $1,500 for Sharp Company along with an additional $58 for interest. The bank deducted a $30 fee for this service. Sharp Company had not accured any interest on the note.

d. Sharp’s bookkeeper erroneously recoreded a payment to Williams Company for $192 as $129. The check cleared the bank for the correct amount of 192

e. Sharp’s outstanding checks at May 31  totaled $1,200

 

Requirements

1. Prepare a bank reconciliation as of May 31

2. Prepare the necessary adjustments to the accounting equation to update the  records of sharp company

Sheet1

A

7

Amount

Amount

$ – 0

Balance, May 31 Amount

Add:

Amount

Title Amount

Title Amount

Title Amount

Title Amount

$ – 0

31

(100.00)

																																																																																Problem 4-4	7	A	Name
Section
B	C	D	E	F	G	H
5	Sharp Company
6	Bank Reconciliation
May	31
8	Bank:
9		Balance, May 31									Amount
10		Add:
11	Deposit in transit
12			$ – 0
13
14	Less:
15	Total outstanding checks
16	Correct (adjusted) bank balance, May 31
17
18	Books:
19
20
21					Title
22
23	Deduct:
24
25
26
27	Correct (adjusted) book balance, May 31
28
29	Assets =	Liabilities +	Shareholders’ Equity
30	Contributed capital	+ Retained earnings
	(100.00)	cash	bank fees
32
33
34
35
36
37
38
39
40
End of Problem

&LReimers, Financial Accounting 3e
CyberCoach:
This amount must equal the Adjusted book balance in cell H27. Otherwise, you have not reconciled.
CyberCoach:
This amount must equal the Adjusted bank balance in cell H16. Otherwise, you have not reconciled.
CyberCoach:
Enter amounts as a positive number in cells H24, H25, and H26
.

Sheet2

Sheet3