As of August 31, the bank statement shows a balance of $12,160

User Generated

xelb2019

Business Finance

Regent University

Description

Rick Hall owns a card shop, Hall’s Cards. The following cash information is available for the month of August 2018:


As of August 31, the bank statement shows a balance of $12,160. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $8,275. A review of the bank statement revealed the following information:

1.A deposit of $1,350 on August 31, 2018, does not appear on the August bank statement.

2.It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $2,240 but was recorded on the books as $3,140.

3.When checks written during the month were compared with those paid by the bank, three checks amounting to $4,385 were found to be outstanding.

4.A debit memo for $50 was included in the bank statement for the purchase of a new supply of checks.

Required

Using Excel prepare a bank reconciliation at the end of August showing the true cash balance. Use a format similar to the example found on page 141 of your text, Exhibit 4.3.

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Excellent (18-20 Points) Rubric for Minor Project - BUSN 220 Appearance (Total 20 Points) Good Developing (14-17 Points) (12-13 Points) Correct title which includes company Two portions of the name, form name, and title correct. (name, correct date. form name, and date) Excellent (27-30 Points) Calculations (90-100%) are correct and work is shown for all calculations. Excellent (45-50 Points) 90%-100% of answers are correct. Poor (0-11 Points) Only one portion of No title (no name, no title is correct. (name, form name, & no form name, and date) date) Calculations (Total 30 Points) Good Developing (24-26 Points) (21-23 Points) Calculations (80-89%) are correct and work is shown for at least half of the calculations. Calculations (7079%)are correct and less than half of work is shown. Answers (Total 50 Points) Good Developing (40-44 Points) (35-39 Points) 80-89% of answers correct. Poor (0-20 Points) 70%-79% are of answers correct. Calculations (69% and below are correct)and/or no work is shown. Poor (0-34 Points) are 69% and below are correct.
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Explanation & Answer

Attached.

BANK RECONCILIATION STATEMENT
$
Adjusted cashbook bal...


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