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Question $1(25$ marks$)$

Shown below is the information needed to prepare the bank reconciliation for Tommy Company on $30$

November $2023$:

$(1)$ The cash ledger account showed a balance of $$3,049,$ while the bank statement indicated a

cash balance of $$5,728.$

$(2)$ The bank statement showed $$58$ interest earned for the month of November.

$(3)$ Bank service charge amounted to $$140.$

$(4)$ The bank retumed a customer's NSF check for $$689$ received as settlement of an account

receivable.

$(5)$ A debit memorandum enclosed with the November bank statement for $$350$ telephone charge

for November, $2023.$

$(6)$ A customer settled its non$-$interest bearing notes payable by depositing $$8,000$ directly into

Tommy's bank account.

$(7)$ An $$800$ check mailed to the bank for deposit had not reached the bank on $30$ November.

$(8)$ The accounting records showed that check written in November amounted to $$130,000,$ but

only $$128,500$ of them was found in the bank statement. The remaining amount is still

outstanding.

$(9)$ The bank statement showed a $$1,200$ check received from a tenant for rental revenue. The

accountant checked ledger account and revealed that the correct amount should be $$2,100.$

$(10)$ $$2,000$ cash purchase of inventory on $23$ November was mistakenly recorded as cash sale of

inventory. The company adopts periodic inventory system.

Required:

$($a$)$ Prepare the bank reconciliation for the month of November $2023.$

$($b$)$ Prepare the necessary journal entries to update the accounting records.

$(9$ marks$)$

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