prepare numbers 1 and 2 -36B (6) Preparing a bank...

50.1K

Verified Solution

Question

Accounting

prepare numbers 1 and 2
image
-36B (6) Preparing a bank reconciliation and journal entries [20 min] The October 31 bank statement of White's Healthcare has just arrived from State Bank. To prepare the bank reconciliation, you gather the following data: a. The October 31 bank balance is $5,170. b. The bank statement includes two charges for NSF checks from customers. One is for $420($1), and the other is for $120(#2). c. The followit whit ehecks are outstanding at October 31 : d. White collects from a few customers by EFT. The October bank statement lists a $1,400 EFT deposit for a collection on account. c. The bank statement includes two special deposits that White hasn't recorded yet: $1,050, for dividend revenue, and $50, the interest revenue White earned on its bank balance during October. f. The bank statement lists a 570 subtraction for the bank service charge. g. On October 31, the White treasurer deposited $290, but this deposit does not appeat on the bank statement. h. The bank statement includes a 5700 deduction for a check drawn by Multi-State Freight Company. White notified the bank of this bank erroc. i. White's Cash account shows a balance of $2,700 on October 31 . Requirements 1. Prepare the bank reconciliation for White's Healthcare at October 31, 2012. 2. Journalize any required entries from the bank reconciliation. Include an explanation for each entry

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!
Become a Member

Other questions asked by students