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22 July, 16:13

Roper Electronics received its bank statement for the month of August with an ending balance of $11,740. Roper determined that check #613 for $155 and check #601 for $420 were both outstanding. Also, a $6,900 deposit for August 30 was in transit as of the end of the month. Northern Regional Bank also collected a $5,000 note receivable on August 1 that was issued March 1. Accrued interest is $250. Northern Regional Bank charged a $35 fee for the collection service. The bank statement reveals a bank service charge of $20. A customer check for $68 was returned with the bank statement marked "NSF." The ending balance of the Roper cash account is $12,938. Prepare a bank/account reconciliation and any necessary journal entries for the reconciliation.

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  1. 22 July, 16:38
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    Bank Reconciliation Statement

    Balance at Bank as per Updated Cash Book $18,065

    Add Unpresented Cheque

    check #613 $155

    check #601 $420 $575

    Less Lodgements not yet credited ($6,900)

    Balance as per bank statement $11,740

    Explanation:

    The first step is to update the bank balance in Roper Electronics cash book.

    Debit:

    Balance as per cash book $12,938

    Interest $250

    Note Received $5,000

    Totals $18,188

    Credit:

    Bank Charge - Collection Service $35

    Bank Service Charge $20

    Dishonored Cheque $68

    Balance as per updated cash book $18,065

    Totals $18,188

    Then the next step is to prepare a bank reconciliation statement.

    Bank Reconciliation Statement

    Balance at Bank as per Updated Cash Book $18,065

    Add Unpresented Cheque

    check #613 $155

    check #601 $420 $575

    Less Lodgements not yet credited ($6,900)

    Balance as per bank statement $11,740
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