Purchase Solution

Preparing Bank Reconciliation Statements

Not what you're looking for?

Ask Custom Question

Please help in preparing a bank reconciliation statement for the month.

On Aug 14th, Compuville's cash book showed a debit balance of $4,000.00. The bank statement showed a balance of $4,270.00.

In the comparison, the following was found:
* check issued amounting to $2,500.00 has not been cashed
* The bank rejected checks amounting to $140
* Standing order for a staples order of $700 was note noted.
* A customer paid $170 directly into the bank without any notice to Us
* Bank charges of $160 were entered in the bank statements only.
* A dividend of $250 was paid directly into the bank and not recorded in the cash
book
* Checks for $1,650.00 were entered into the cash book and deposited in the bank
but had not been cleared (deposited).

Prepare a bank reconciliation statement for the month .

Compuville Bank Reconcilation

Balance per bank

Uncleared check
Staples standing order
Rejected checks
Outstanding deposit

Balance per book

Compuville Bank Reconcilation

Balance per book

Unrecorded deposit
Unrecorded bank charges
Unrecorded dividend paid

Balance per bank

Purchase this Solution
Solution Summary

The solution presents a bank reconciliation in Excel format including notes and explanations for easier understanding.

Solution Preview

For better understanding, the second reconciliation shows the entries that will have to be made on the books for items that have cleared the bank, but have not been recorded on the books. See the attached excel file.

Compuville Bank Reconcilation

Balance per bank ...

Purchase this Solution
Free BrainMass Quizzes
Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

View More Free Quizzes
Related BrainMass Solutions

  • Bank reconciliation

    285386 In preparing a bank reconciliation, interest paid by the bank on the account is 4. In preparing a bank reconciliation, interest paid by the bank on the account is a. added to the bank balance. b. subtracted from the bank balance.

  • This post addresses depreciation and internal control quest.

    Eddie Cruzin, the company accountant, prepares a full bank reconciliation following receipt of the monthly bank statements, that he receives online and confirms all differences between the company's cash account and the bank account within one business

  • Accounting problem: Bank reconciliation.

    Please help with: Preparing a bank reconciliation at the end of October showing the true cash balance. Preparing any necessary journal entries to adjust the books to the true cash balance. Thank you.

  • Jones Company and Santos Company

    Santos Company gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per books, 8/31 $3,500 Deposits in transit 150 Notes receivable and interest collected by bank 850 Bank charge

  • Marcus Company and Creative Inc.

    214613 Marcus Company developed the following reconciling information in preparing its September bank reconciliation 7.

  • Bank Reconciliation Preparation

    248590 Bank Reconciliation Preparation Bank Reconciliation A local bank began charging $2.50 each month for returning cancelled checks. The bank also has an $8.00 maintenance fee if a checking account slips below $750.

  • When considering the process of preparing a bank reconcilia

    Which of the following items would cause an entry on the books on the account holder after reviewing and preparing their bank reconciliation? Answer A. $1,200 of outstanding checks that have not cleared the bank yet.

  • Bank Reconciliation and Journal Entries

    131242 Preparing a Bank Reconciliation and Journal Entries for Stan Co. 3. The following information pertains to Stan Co. Cash balance per bank, July 31: $7,263.

  • Adjusting Journal Entries and Corrected Bank Reconciliation

    $67.27 724 9.90 903 456.67 907 305.50 911 482.75 913 550.00 914 366.76 916 10.00 917 218.90 Total 2,267.75 I need help preparing the corrected reconciliation and preparing the journal entries for items

View More Related Solutions