27 Dec The cash account for Computer Systems at February
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.
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