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Question 1 - (22 Marks) Bank Rec. - 1...

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Accounting

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Question 1 - (22 Marks) Bank Rec. - 1 mark for each item on the correct side with correct amount (bank/book) 1 mark for each journal entry line: Correct account (0.5) and Correct Amount (0.5) - Note: If the account is correct and amount but placed wrong as a debit/credit (O mark) The following data has been gathered for Scary Ltd. for the month ended April 30, 2019: There was an EFT deposit of $2,325 on the bank statement that was a payment on account from a customer The bank statement revealed $50 in service charges. Outstanding Cheques #322, #330, and #332 for $130, $322, and $625 were not returned with the bank statement Adeposit of $800 made on April 12 was erroneously credited to Scary Ltd. account by the bank for $200 Adeposit made on April 28, for $875 did not appear on the bank statement. A bank debit memo indicated an NSF cheque for $225. The book balance as of April 30" was $3,535 The bank statement reports a balance of $1,987 The bookkeeper had erroneously recorded $355 for a cheque that was actually $3,555. The cheque was to settle an account payable. Required A. Prepare a bank reconciliation for the end of the month B. Prepare the appropriate journal entries. Explanations not required

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