At the end of March, the accounting records for Lansing, Inc., revealed a balance for...
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At the end of March, the accounting records for Lansing, Inc., revealed a balance for cash equal to $14,725. However, the balance of cash in the bank at the end of March is only $735. Lansing is concerned and asks the company's accountant to prepare a bank reconciliation for the month of March. Examination of the bank statement and company records at the end of March reveals the following: In addition, during March, the company's accountant wrote a check to one of its suppliers for $150. The check was recorded correctly in the company's records for $150, but processed incorrectly by the bank for $1,500. Lansing has contacted the bank, which has agreed to fix the error. Required: (1) Prepare a bank reconciliation for the month of March to determine the correct ending cash balance. (2) Record any necessary entry(ies) to adjust the balance for cash
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At the end of March, the accounting records for Lansing, Inc., revealed a balance for cash equal to $14,725. However, the balance of cash in the bank at the end of March is only $735. Lansing is concerned and asks the company's accountant to prepare a bank reconciliation for the month of March. Examination of the bank statement and company records at the end of March reveals the following: In addition, during March, the company's accountant wrote a check to one of its suppliers for $150. The check was recorded correctly in the company's records for $150, but processed incorrectly by the bank for $1,500. Lansing has contacted the bank, which has agreed to fix the error. Required: (1) Prepare a bank reconciliation for the month of March to determine the correct ending cash balance. (2) Record any necessary entry(ies) to adjust the balance for cash 