H. Let's practice: The following relates to Lorenzo Music Supplies for the month of October:...
90.2K
Verified Solution
Link Copied!
Question
Accounting
H. Let's practice: The following relates to Lorenzo Music Supplies for the month of October: 1. Lorenzo Music Supplies received its bank statement, which showed a balance of $23,655. 2. The balance per Lorenzo's books was $11543. ection of a note. The note was for $12,000 and interest was $725 4. There was a deposit in transit for $880. 5. The bank statement showed a charge of $40 for a safety deposit box rente Company. This had erroneously been charged to Lorenzo's account. deposit for cash collected on account was recorded on the bank statement as $85: however, it had been recorded in the journal as $58. Checks outstanding totaled $422. A check was returned marked NSF. The check had been given to Lorenzo by the 7. 8. Fitzgerald Company in the amount of $65. A deposit made by the Lorrance Company for $402 was erroneously credited to 9. Lorenzo's account 10. Check #408, written for Supplies, was for $970 but recorded as $790. 11. The bank statement included an EFT for a $250 quarterly payment of interest expense on a note payable to the bank from Lorenzo. 12. The bank statement included service charges of $49. On a separate sheet of paper, prepare the bank reconciliation and any required adjusting entries
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
