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Thomas Consulting received the September 30th bank statement with the following monthly activity: ...

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Accounting

Thomas Consulting received the September 30th bank statement with the following monthly activity:

Balance at 8/31/2020 $68,922
Deposits 162,500
Checks paid (187,412)
NSF checks (800)
Auto withdrawal - loan payment automatically deducted from account (includes $225 in interest) (5,125)
Bank service fees (50)
Balance at 9/30/2020 $38,035

On 9/30/2020, the cash account ledger balance was $41,773.

Deposits in transit were as follows;

  • 9/28 $3,200
  • 9/29 $2,461
  • 9/30 $2,757

All checks posted in the ledger cleared the bank except for those totaling $10,205. Also, a $500 deposit from a customer was mistakenly recorded as a $50 debit to cash and credit to accounts receivable.

Required:

  1. Using excel, prepare a Bank Reconciliation for Thomas Consulting as of 9/30/2020. You can use any format, just be sure your adjusted/corrected cash balance reconciles. Don't submit a Bank Reconciliation that doesn't reconcile. Please format your numbers with the thousands separator and no decimals.
  2. In the same excel file, use a new sheet to record any necessary journal entries to adjust the cash account.

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