The following information should be used to prepare a bank reconciliation for KTZFIG Sales and Consulting...

The following information should be used to prepare a bank reconciliation for KTZFIG Sales and Consulting as of June 30. Prepare the reconciliation on the Bank Reconciliation tab. On June 30, 2018, KTZFIG Sales and Consulting Co. had a cash balance in the ledger of $241,768. The June statement from Michigan State Bank showed a balance of $244,573 on June 30, 2018. The following facts regarding banking and cash activities are available. The bank service charge for June was $70. The bank collected $11,560, that was owed to KTZFIG Sales and Consulting Co by a customer, through electronic funds transfer. The June 30 receipts of $17,600 were not included in the bank deposits for June. These receipts were deposited by the company in a night deposit vault on June 30. Company check No. 2480 issued to BMoore Co, a creditor, for $475 that cleared the bank in June was incorrectly entered in the cash payments journal on June 10 for $450. Checks outstanding on June 30 totaled $13,760. On June 30, the bank statement showed an NSF charge of $1,350 for a check received by the company from TRymph, a customer, on account. The bank statement shows a check for $3,470 was charged to KTZFIG account. The check was written by Nschrib Company not KTZFIG Sales and Consulting . Prepare the bank reconciliation as of June 30. Prepare the necessary entries at June 30 to update the cash account.

Place the Journal entries on the Journal entries Tab KTZFIG Consulting & Sales and Sales Inc Bank Reconciliation

June 30 2019 BANK

Balance June 30, 2019

Additions

Subtractions

Balance June 30, 2019

Additions

Subtractions

Solutions

Expert Solution

Solution:

KTZFIG Sales and Consulting Co.
Bank Reconciliation - June 30
Bank's Cash balance		Company's cash balance
Particulars	Amount	Particulars	Amount
Ending balance as per Bank Statements	$244,573.00	Ending Balance as per cash books	$241,768.00
Additions:		Additions:
Deposit in transit	$17,600.00	EFT Collection	$11,560.00
Check charged incorrectly to KTZFIG	$3,470.00

Deductions:		Deductions:
Outstanding Checks	$13,760.00	Incorrect recording of check no 2480 ($475 - $450	$25.00
		NSF Check	$1,350.00
		Service Charge	$70.00

Adjusted Cash Balance	$251,883.00	Adjusted Cash Balance	$251,883.00

KTZFIG Sales and Consulting Co.
Journal Entries
Date	Particulars	Debit	Credit
30-Jun	Cash Dr	$11,560.00
	To Accounts receivables		$11,560.00
	(To correct EFT collection from a customer)

30-Jun	Accounts Payable Dr	$25.00
	To cash		$25.00
	(To correct check no 2480 incorrectly recorded in cash book)

30-Jun	Accounts Receivable Dr	$1,350.00
	To Cash		$1,350.00
	(To record NSF Check)

30-Jun	Service charges Dr	$70.00
	To Cash		$70.00
	(To record bank service charges)

ekkarill92 answered 1 year ago

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