Project3.xls

Problem 1 – Prepare a bank reconciliation

The following information relates to M Park Corporation for the month of March 2022:

1.
Cash balance per books, March 31 was $20,647.00

2.
Deposits in transit, March 31 were $8,140.00

3.
The March bank service charge was $34.00 and has not been recorded by the company.

4.
Outstanding checks, March 31 were $3,905.00

5.
An electronic funds transfer (EFT) collected by the bank was $590. The collection has not been recorded by M Park Corporation.

6.
The bank made an error and recorded a $3,000 deposit twice.

7.
Cash balance per bank, March 31 was $19,968.00

Purpose

The purpose of this problem is to demonstrate an understanding of preparing a bank reconciliation.

Instructions

After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st. Reconcile the cash balance per the bank first

and list items that increase the cash balance first. Also, round amounts to two decimal places.

Guidance

For formatting guidance, see the bank reconciliation example that is provided in Chapter 7 of the textbook.

Your Answer:

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