70.2K

Verified Solution

Link Copied!

Required Additional Data Requirement 1. Prepare the bank reconciliation of Boardwalk Bowling for September 30, 2023. Prepare the bank section of the bank reconciliation, and then prepare the book section of the bank reconciliation. (Use parentheses or a minus sign when subtracting subtotals. Abbreviations used: incl The EFT deposit was a receipt of rent for a special event. The EFT debit was payment for monthly insurance. b. The NSF cheque was received late in August from a customer. c. The $1,475 bank collection of a note receivable on September 30 included $250 interest revenue. Chequebook Bank Statement The cash receipts and cash payments of Boardwalk Bowling for September 2023 follow. I (Click the icon to view the chequebook.) Bank Statement The Cash account of Boardwalk Bowling shows a balance of $19,848 on September 30,2023 . Outstanding amounts from the previous month's bank reconciliation were cheque \#1219 for $510, cheque \#1218 for $44 received this bank statement. (Click the icon to view the September bank statement. Abbreviation used: chq. = cheque.) Additional data for the bank reconciliation: ( (Click the icon to view the additional data for the bank reconciliation.) Required Requirement 2. Describe how a bank account and the bank reconciliation help River Bowling's managers control the business's cash. A bank helps control cash by providing a place for safekeeping. A bank helps control cash by ensuring that the company accounts for all of its cash transactions and that the bank and book records of cash are correct. Requirement 3. How are outstanding items dealt with from the previous month's bank reconciliation that clear on the September bank statement? Items outstanding from previous bank reconciliations that clear are because they need to be listed as outstanding if they have been processed by the bank

Answer & Explanation Solved by verified expert

See Answer