Question

1. Please submit a bank reconciliation and any required journal entries based on the following information. Use good form! Do not submit in Comments or your formatting will be lost and you will lose points. Submit in Word, Excel, or Text Submission. Thanks. Provide a citation including page number from the current text for the course. The Bramant Corp checkbook balance as of August 31 was $8040, but the bank statement balance was $8510. The controller carefully reviewed the two records to find the discrepancies. A $1900 deposit was mailed to the bank by Bramant on August 30 but was not included on the August 31 bank statement. Outstanding checks -- #255 for $325, #280 for $100, #295 for $700. Check #289 paying a vendor's account payable, Logs Unlimited, was written for $140 and appeared on the bank statement for that amount. Bramant check register showed the check as written for $410 A customer, Millwork Specialities, paid their balance of $910. The check was deposited in the bank and recorded at $910 by the bank. Inexplicably, Bramant recorded the check for $190. There is an EFT payment for $275 to the electric company listed on the bank statement. This payment has not been recorded on Bramant’s books. There is an EFT receipt on the bank statement from a customer, Susan’s Supplies, for $120 that has not been recorded by Bramant. Included with the bank statement was a credit memorandum for $780, representing the proceeds of a $700 note receivable (plus interest) left at the bank for collection. Bramant has not yet recorded this memorandum. A customer’s check, Brad Carpentry, was returned as NSF, $345. Bramant’s controller was not aware of this before seeing it on the bank statement. Included with the bank statement was a debit memorandum for $25 for service charges. Bramant has not yet recorded this memorandum.

Answer 1