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i Problem Bank reconciliation P3 The following information is available to reconcile cash balance as of December 31, 2016, Gucei's book balance of cash with its bank statement a. The December 31 cash balance according to b. Gucci's December 31 daily cash receipts of $800 were placed in c. Check No. 6273 for $400 and Check No. 6282 for $100, both the accounting records is $1,610, and the bank statement cash balance for that date is $1,900. the bank's night depository on December 31 but do not appear on the December 31 written and entered in the accounting records in December, are not among the 6231 for $2,000 and No. 6242 for $200, were outstan reconciliation. Check No. 6231 is listed with the December canceled checks, but Check No. 6242 is not. e not among the canceled checks. Two checks, No. ding on the most recent November 30 d. When the December checks are compared with entries in the accounting records, it is found that Check No. 6267 had been correctly drawn for $340 to pay for office supplies but was erroneously entered in the accounting records as $430. e. A credit memorandum indicates that the bank collected $500 cash on a note receivable for the company, deducted a $30 collection fee, and credited the balance to the company's Cash account. Gucci had not recorded this transaction before receiving the statement. f. Two debit memoranda are enclosed with the statement and are unrecorded at the time of the reconciliation. One debit memorandum is for $150 and dealt with an NSF check for $140 received from a customer, Prada Inc., in payment of its account. The bank assessed a $10 fee for processing it. The second debit memorandum is a $20 charge for check printing. Guccl had not recorded these transactions before recelving the statement. Required 1. Prepare the bank reconciliation for this company as of December 31, 2016. 2. Prepare the journal entries necessary to bring Gucci's book balance of cash into conformity with the reconciled cash balance as of December 31, 2016. i Problem Bank reconciliation P3 The following information is available to reconcile cash balance as of December 31, 2016, Gucei's book balance of cash with its bank statement a. The December 31 cash balance according to b. Gucci's December 31 daily cash receipts of $800 were placed in c. Check No. 6273 for $400 and Check No. 6282 for $100, both the accounting records is $1,610, and the bank statement cash balance for that date is $1,900. the bank's night depository on December 31 but do not appear on the December 31 written and entered in the accounting records in December, are not among the 6231 for $2,000 and No. 6242 for $200, were outstan reconciliation. Check No. 6231 is listed with the December canceled checks, but Check No. 6242 is not. e not among the canceled checks. Two checks, No. ding on the most recent November 30 d. When the December checks are compared with entries in the accounting records, it is found that Check No. 6267 had been correctly drawn for $340 to pay for office supplies but was erroneously entered in the accounting records as $430. e. A credit memorandum indicates that the bank collected $500 cash on a note receivable for the company, deducted a $30 collection fee, and credited the balance to the company's Cash account. Gucci had not recorded this transaction before receiving the statement. f. Two debit memoranda are enclosed with the statement and are unrecorded at the time of the reconciliation. One debit memorandum is for $150 and dealt with an NSF check for $140 received from a customer, Prada Inc., in payment of its account. The bank assessed a $10 fee for processing it. The second debit memorandum is a $20 charge for check printing. Guccl had not recorded these transactions before recelving the statement. Required 1. Prepare the bank reconciliation for this company as of December 31, 2016. 2. Prepare the journal entries necessary to bring Gucci's book balance of cash into conformity with the reconciled cash balance as of December 31, 2016

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