The cash account for Computer Systems at February 28

2015 #1741
The cash account for Computer Systems at February 28, 2015, indicated a balance of $10,635.
The bank statement indicated a balance of $14,933 on February 28, 2015. Comparing the bank
statement and the accompanying cancelled cheques and memos with the records reveals the
following reconciling items:a. Cheques outstanding totalled $2,118.b. A deposit of $2,500,
representing receipts of February 28, had been made too late to appear on the bank
statement.c. The bank had collected $4,200 on a note left for collection. The principal amount of
the note was $4,000.d. A cheque for $290 returned with the statement had been incorrectly
recorded by Computer Systems as $920. The cheque was for the payment of an obligation to
Busser Co. for the purchase of office supplies on account.e. A cheque drawn for $415 had been
incorrectly charged by the bank as $145.f. Bank service charges for February amounted to
$20.g. An NSF cheque $400, from a client, Karen Guttormson, reported on the bank
statement.Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries. The
accounts have not been closed.View Solution:
The cash account for Computer Systems at February 28 2015

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