My first Hard Question with 5 steps need Answers

Oct 12th, 2014
Business & Finance
Price: $10 USD

Question description

Q. (a)  Bluegrass Tonight  is a nightclub in Nashville. The information necessary for preparing bank reconciliation for the company at November 30 appears below:

1.  As of November 30, cash per the bank statement is $41,631 per the accounting records, $48,609.

2.  Cash receipts of $9,366 on November 30 were not deposited until December 1.

3.  Among the paid checks returned by the bank was a stolen check for $1,512 paid in error after Bluegrass Tonight had officially notified the bank not to make payment. Thus, payment of this check was a bank error  and should not have been charged against Bluegrass Tonight's bank account.

4.  The following memoranda accompanied the bank statement:

a.  A debit memo for service charges $21

b.  A debit memo  attached to an $1,167 check which Bluegrass had accepted from a customer and deposited in its account, but which the bank had returned with the marking "NSF"

c.  A credit memo for interest earned on the account during November, $135.

5.   The following checks had been issued by the nightclub but had not been paid by the bank as of November 30: No.921 for $2,346; No. 924 for $1,446; and No. 925 for $1,161.

Instructions: Prepare the November 30 bank reconciliation. Pass necessary journal entries

Tutor Answer

(Top Tutor) Daniel C.
School: University of Virginia

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