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Question(s) / Instruction(s):

 

Chantal Co. had a cash balance of $1,109 in its checking account on March 31, 2011.

 

The bank statement showed a balance of $3,206

 

In comparing the two statements, the bookkeeper noted the following.

 

1. Three checks (#1178, #1190, #1192)  totaling $856, had not yet cleared the bank.

2. One deposit-in-transit for $285 had not yet been recorded by the bank. It was deposited at the end of the day on March 31.

3. The bank charged a $15 monthly bank service fee.

4. One check from a customer had been deposited on October 23, for $297. However, the check was returned “NSF” by the bank, along with a $25 check processing fee.

5. The bookkeeper made a debit card withdrawal for $200 on March 13, but failed to record it in the check book.

6. Check # 1174 was written in the amount of $207 to pay off an account payable, but was recorded as $270 in the checkbook.

7. A customer from Brazil wired $2,000 to Chantal Co's bank account on March  29, 2011,

    by means of an electronic funds transfer (EFT). Chantal had not yet recorded this in her balance per book.

 

Part I. Complete the bank reconciliation for Chantal for March 31, 2011.

 

Part II. Make the required journal entries to adjust cash to its true balance in Chantal's database.

 

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