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

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

The information below was used to prepare a bank reconciliation for Lorena Company at October 31:...

The information below was used to prepare a bank reconciliation for Lorena Company at October 31: ∙ According to the bank statement, the bank balance as of October 31 was $8,765. According to the books, the cash balance as of October 31 is $9,557. ∙ Outstanding checks totaled $1,433. ∙ A customer's check for $999 was returned for NSF. ∙ October's service charge was $100. ∙ The bank collected $1,600 from a customer of Lorena Company in payment of a...

1.) The information below was used to prepare a bank reconciliation for Lorena Company at October...

1.) The information below was used to prepare a bank reconciliation for Lorena Company at October 31: ∙ According to the bank statement, the bank balance as of October 31 was $8,765. According to the books, the cash balance as of October 31 is $9,557. ∙ Outstanding checks totaled $1,433. ∙ A customer's check for $999 was returned for NSF. ∙ October's service charge was $100. ∙ The bank collected $1,600 from a customer of Lorena Company in payment of...

Based on the following information, prepare a bank reconciliation to determine the adjusted corrected balance

Based on the following information, prepare a bank reconciliation to determine the adjusted corrected balance: (input each amount as a positive value) Bank balance$ 680Account fees $ 12Checkbook balance$ 642ATM withdrawals$ 80Outstanding checks$ 112Deposit in transit$ 60Direct deposits$ 70Interest earned$ 8

Using the following information to prepare a bank reconciliation for XYZ Co. for May 31: (a)...

Using the following information to prepare a bank reconciliation for XYZ Co. for May 31: (a) The bank statement balance is $3,936. (b) The cash account balance is $4,194. (c) Outstanding checks amounted to $465. (d) Deposits in transit are $655. (e) The bank service charge is $50. (f) A check for $97 for supplies was recorded as $79 in the ledger.

Use the Following Information to Answer the Questions Below to prepare the Bank Reconciliation 1) If...

Use the Following Information to Answer the Questions Below to prepare the Bank Reconciliation 1) If Any Differences or Errors are found, Assume that Our Business made the mistake and the BANK records are accurate. 2) The Following Items were Included on the Bank Statement from the Schwab Bank for the Month as Follows; Ending Bank Balance at January 31 was $69,000. Monthly Bank Fees of $1,500 NSF Check from Customer H.Clinton for $11,000 Interest Earned During the month was...

Prepare a bank reconciliation for Grace, Inc., as of January 31, from the following information: (a.)...

Prepare a bank reconciliation for Grace, Inc., as of January 31, from the following information: (a.) The January 31 cash balance in the general ledger is $5,088. (b.) The January 31 balance shown on the bank statement is $4,544. (c.) Checks issued but not returned with the bank statement were No. 435 for $452 and No. 448 for $182. (d.) A deposit made on January 31 for $1,280 was included in the general ledger balance but not in the bank...

Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for...

Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Calico Corners on May 31: The balance on the May 31 bank statement is $8,432.11. Not included on the bank statement is a $1,250 deposit made by Calico Corners late on May 31. A comparison between the canceled checks returned with the bank statement and the company records indicated that the following checks are outstanding at May 31: No. 123 $23.40 No. 127 145.00...

12. based on the following information, prepare a bank reconciliation to determine the adjusted (corrected) balance:...

12. based on the following information, prepare a bank reconciliation to determine the adjusted (corrected) balance: Bank balance $680 Checkbook balance $642 outstanding checks $112 direct deposits $70 Account fees $12 ATM withdrawals $60 interest earned $8

Prepare a Bank Reconciliation Statement from the information provided and prepare adjusting Journal Entries.

Prepare a Bank Reconciliation Statement from the information provided and prepare adjusting Journal Entries.The information below relates to the Cash account in the ledger of Bramble Company.Balance September 1—$17,010; Cash deposited—$64,500.Balance September 30—$17,664; Checks written—$63,846.The September bank statement shows a balance of $16,682 on September 30 and the following memoranda.Credits DebitsCollection of $1,621 note plus interest $39 $1,660 NSF check: Richard Nance $555Interest earned on checking account $54 Safety deposit box rent $74At September 30, deposits in transit were $4,580,...

Prepare bank reconciliation and related entries. AP The bank portion of the bank reconciliation for Katsaris...

Prepare bank reconciliation and related entries. AP The bank portion of the bank reconciliation for Katsaris Company at August 31, 2017, was as follows: KATSARIS COMPANYBank Reconciliation August 31, 2017 Cash balance per bank $13,229 Add: Deposits in transit 2,350 15,579 Less: Outstanding cheques #4451 $1,740 #4460 549 #4461 723 #4462 1,840 #4464 620 5,472 Adjusted cash balance per bank $10,107 The unadjusted cash balance per books on September 30, 2017, was $10,228. The September bank statement showed the following:...

Question