Your staff accountant goes through the mail and opens the bank statement for the month of…
Your staff
accountant goes through the mail and opens the bank statement for
the month of October provided by Fanshawe Local Bank. It is shown
below.
Fanshawe
Local Bank
Prepared for Marco
Polo
Date
Information
Withdrawal
Deposit
Balance
Opening Balance
12,600.00
Oct 2
Deposit
14,200.00
26,800.00
Oct 5
Chq#143
1,200.00
25,600.00
Oct 8
Deposit
66,500.00
92,100.00
Oct 8
Deposit
5,000.00
97,100.00
Oct 11
Chq#8240
2,400.00
94,700.00
Oct 31
Service Char
60.00
94,640.00
General Ledger
Accounts
Account:
Cash
GL No:
101
Date
Description
PR
DR
CR
Balance (DR or CR)
Opening Balance
26,800.00
DR
Oct 5
Paid Chq#14
GJ3
1,200.00
25,600.00
DR
Oct 5
Paid invento
GJ3
15,000.00
10,600.00
CR
Oct 7
Return of in
GJ3
5,000.00
15,600.00
CR
Oct 8
Received pa
GJ3
900.00
16,500.00
CR
Oct 10
Received pa
GJ3
66,500.00
83,000.00
DR
Additional
Information:
a) The $14,200 is already recorded in
the ledger last month.
b) Cheque number of the company has
only three (3) digits.
Required: Prepare the October bank
reconciliation for Marco Polo using the bank statement
and general ledger
provided. Compare the information in the general ledger to the bank
statement. Once reconciled, record the relevant journal entries in
the general journal and post the entries in the general ledger to
bring the company’s record up to date.
