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Problem 3 1. Using the following information, prepare a bank reconciliation for Dunbar Associates for...

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Accounting

Problem 3

1. Using the following information, prepare a bank reconciliation for Dunbar Associates for August 31, 2017:

  • The bank statement balance is $4,690.
  • The cash account balance is $5,080.
  • Outstanding checks amounted to $715.
  • Deposits in transit are $1,020.
  • The bank service charge is $40.
  • A check for $72 for supplies was recorded as $27 in the ledger.

2. Journalize the entries to record the following:

  • Aug 1. Established a petty cash fund of $500
  • Aug 30. The amount of cash in the petty cash fund is now $190. The fund is replenished based on the following receipts: office supplies, $220; postage, $80. Record any discrepancy in the cash short and over account.

Required

Prepare bank reconciliation and journalize the entries.

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