Accounting Help - Bank Reconciliation?The bank statement of Princeton Corp. for March 31, 2012 indicates a balance of $9,072. All cash receipts are deposited each evening in a night depository after banking hours. The accounting records indicated the following summary data for cash receipts and payments for March: Cash balance as of March 1... | |
a. The bank had collected for Princeton Corp. $1,030 on a note left for collection. The face of the note was $1,000.
Add 1,030 to cash balance
b. A deposit of $1,852 representing receipts of March 31, had been made too late to appear on the bank statement.
Does not affect cash balance
c. Checks outstanding totaled $5,265.
Does not affect cash balance
d. A check written by Princeton for $139 had been incorrectly charged by the bank as $193.
Does not affect cash balance.
e. A check for $30 returned with the statement had been recorded in Princeton Corp. records as $230. The check was for the payment of an obligation to McMillan Equipment for the purchase of office supplies on account.
Add $200 to cash balance
f. Bank service charges for March amounted to $18.
Subtract $18 from cash balance.
g. A customer's NSF check was returned with the bank statement in the amount of $25.
Subtract $25 from cash balance.
Cash balance as of March 1 $3,943
+ Total cash receipts for March $28,972
- Total amount of checks issued in March $28,389
+ 1,030
+ 200
- 18
- 25
= $5,713 adjusted cash balance
