Problem:
The checkbook balance for MAP Consulting Services Co. on July 31, 2010 indicated a balance of $15,515.00. The bank statement for July indicated an ending balance of $15,245.00 as of July 31, 2010. Below are items for reconciliation to either the checkbook or the bank statement balance:
A deposit of $17,636.00 had been made too late to appear on the bank statement.
Checks outstanding totaled $4,820.00
A check for $2,200.00 returned with the statement had been incorrectly recorded as $200 in the checkbook. The check was originally credited to accounts payable.
The bank collected $15,541.00 from a customer's balance on account, which the bookkeeper failed to record in the checkbook.
Bank service charges for July was $25.00
A check received from a customer on account for $970.00, which was deposited during the month and was returned by the bank due to insufficient funds. The bookkeeper was not aware of this until now that the reconciliation is being done.
Prepare a bank reconciliation as of July 31, 2010. Journalize the necessary entries. Use the Excel form provided.
| MAP Consulting Services Co. |
| Bank Reconciliation |
| July 31, 2010 |
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Journal
| Date |
Description |
Debit |
Credit |
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