Bank reconciliation and entries
The cash account for Deaver Consulting at 31,20y6. Comparing the bank statement indicated a balance of $31095 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memo's with records revealed the following reconciling items;
a. Checks outstanding totaled $10,125
b.A deposit of $4120 representing receipts from October 31, Had been made too late to appear on the bank statement.
c. The bank had collected $10400 on a note left for collection. 11w face of the now was $10000
d.A check for $1200 returned with the statement had been incorrectly recorded by Davcr consulting as $120. The check was for the payment of an obligation to Oxford Office supp lies co. for the purchase of office supplies an account.
e. A check drawn for $320 had been incorrectly charged by the bank as $230
f. Bank service charges for october amounted to $70
Instructions
Illustrate the effects on the accounts and financial statements of the bank reconciliation.