Problem 3 1. Using the following information, prepare a bank reconciliation for Dunbar Associates for...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Problem 3
1. Using the following information, prepare a bank reconciliation for Dunbar Associates for August 31, 2017:
The bank statement balance is $4,690.
The cash account balance is $5,080.
Outstanding checks amounted to $715.
Deposits in transit are $1,020.
The bank service charge is $40.
A check for $72 for supplies was recorded as $27 in the ledger.
2. Journalize the entries to record the following:
Aug 1. Established a petty cash fund of $500
Aug 30. The amount of cash in the petty cash fund is now $190. The fund is replenished based on the following receipts: office supplies, $220; postage, $80. Record any discrepancy in the cash short and over account.
Required
Prepare bank reconciliation and journalize the 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!
