Transactions and balances for Diana Wonder are provided below: • 31 Jul 2020 Bank Statement balance $ 78,495 • 31 Jul 2020 balance per Diana’s records $ 77,370 • Diana received a cash payment that she has not deposited $ 380 • Diana issued a cheque payable to Michael Hill Enterprises that has not been presented to the bank $ 1,499 • Bank charges for the month of July were $10 • Interest on bank balance credited to Diana’s account $ 16 Required: Perform a bank reconciliation. a) Reconcile Diana Wonder’s month end cash balance as of 31 Jul 2020. b) Based on your analysis, propose the adjusting entries
Transactions and balances for Diana Wonder are provided below: • 31 Jul 2020 Bank Statement balance $ 78,495 • 31 Jul 2020 balance per Diana’s records $ 77,370 • Diana received a cash payment that she has not deposited $ 380 • Diana issued a cheque payable to Michael Hill Enterprises that has not been presented to the bank $ 1,499 • Bank charges for the month of July were $10 • Interest on bank balance credited to Diana’s account $ 16 Required: Perform a bank reconciliation. a) Reconcile Diana Wonder’s month end cash balance as of 31 Jul 2020. b) Based on your analysis, propose the adjusting entries
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 24E
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Transactions and balances for Diana Wonder are provided below:
• 31 Jul 2020 Bank Statement balance $ 78,495
• 31 Jul 2020 balance per Diana’s records $ 77,370
• Diana received a cash payment that she has not deposited $ 380
• Diana issued a cheque payable to Michael Hill Enterprises that has not been presented to the bank $ 1,499
• Bank charges for the month of July were $10
• Interest on bank balance credited to Diana’s account $ 16
Required:
Perform a bank reconciliation.
a) Reconcile Diana Wonder’s month end cash balance as of 31 Jul 2020.
b) Based on your analysis, propose the
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