Superb Professors

The cash account for Computer Systems at February 28, 2015, indicated a balance of $10,635. The bank statement indicated a balance of $14,933 on February 28, 2015. Comparing the bank statement and the accompanying cancelled cheques and memos with the records reveals the following reconciling items: a. Cheques outstanding totalled $2,118. b. A deposit of $2,500, representing receipts of February 28, had been made too late to appear on the bank statement. c. The bank had collected $4,200 on a note left for collection. The principal amount of the note was $4,000. d. A cheque for $290 returned with the statement had been incorrectly recorded by Computer Systems as $920. The cheque was for the payment of an obligation to Busser Co. for the purchase of office supplies on account. e. A cheque drawn for $415 had been incorrectly charged by the bank as $145. f. Bank service charges for February amounted to $20. g. An NSF cheque $400, from a client, Karen Guttormson, reported on the bank statement. Instructions 1. Prepare a bank reconciliation. 2. Journalize the necessary entries. The accounts have not been closed.

PLACE YOUR ORDER TO GET STARTEDThe post The cash account for Computer Systems at February 28, 2015, indicated a balance of $10,635. The bank appeared first on Essay Gem.

"Order a Custom Paper on Similar Assignment! No Plagiarism! Enjoy 20% Discount"