Del Gato Clinic's cash account shows a $16,226 debit balance and its bank statement shows $16,318...

Del Gato Clinic's cash account shows a $16,226 debit balance and its bank statement shows $16,318 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $3,079. The June 30 bank statement lists a $90 bank service charge. Check No. 919, listed with the canceled checks, was correctly drawn for $889 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $898. The June 30 cash receipts of $2,906 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 Bank reconciliation LO P3 Prepare its bank reconciliation using the above information.

Expert Solution


	Del Gato Clinic
	Bank Reconciliation
	June. 30
	Bank Statement Balance		16,318	Book Balance		16,226
	Add:			Add:

	Deposit in Transit of June 30	2,906		Error in recording utility exp	9

	Deduct:			Deduct:

	Outstanding Checks	3,079		Bank service Charge	90



	Adjusted Bank Balance		16,145	Adjusted Book Balance		16,145


	Journal Entries
	General Journal	Debit	Credit

1)	No Entry Required for outstading check

2)	No Entry Required for deposit in transit


3)	Cash	9
	Utility Expense		9
	(To record error correction)

4)	Misc. Expense	90
	Cash		90
	(To record bank charges)

ekkarill92 answered 1 year ago

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