Thomas Consulting received the September 30th bank statement with the following monthly activity: ...
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Accounting
Thomas Consulting received the September 30th bank statement with the following monthly activity:
Balance at 8/31/2020
$68,922
Deposits
162,500
Checks paid
(187,412)
NSF checks
(800)
Auto withdrawal - loan payment automatically deducted from account (includes $225 in interest)
(5,125)
Bank service fees
(50)
Balance at 9/30/2020
$38,035
On 9/30/2020, the cash account ledger balance was $41,773.
Deposits in transit were as follows;
9/28 $3,200
9/29 $2,461
9/30 $2,757
All checks posted in the ledger cleared the bank except for those totaling $10,205. Also, a $500 deposit from a customer was mistakenly recorded as a $50 debit to cash and credit to accounts receivable.
Required:
Using excel, prepare a Bank Reconciliation for Thomas Consulting as of 9/30/2020. You can use any format, just be sure your adjusted/corrected cash balance reconciles. Don't submit a Bank Reconciliation that doesn't reconcile. Please format your numbers with the thousands separator and no decimals.
In the same excel file, use a new sheet to record any necessary journal entries to adjust the cash account.
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