Preparing a bank reconciliation and journal entries

P8-33 Preparing a bank reconciliation and journal entriesThis problem continues the Davis Consulting situation from Problem P7-33 ofChapter 7. Davis’s March Cash T-account from its general ledger is as follows:CashFeb 28 Bal 23,115 4,300 March 1 (ck. 207)Mar. 6 Bal 2,930 825 March 14 (ck. 208)Mar. 13 Bal 2,800 1,455 March 14 (ck. 209)Mar. 20 Bal 4,800 190 March 28 (ck. 210)Mar. 27 Bal 3,690 550 March 30 (ck. 211)Mar. 31 Bal 30,015Davis’s bank statement dated March 31, 2015, follows:Bank Statement for March 2015Beginning Balance February 28, 2015 $23,510Deposits and other Credits:Mar. 1 $700Mar. 8 $2,930Mar. 14 $2,800Mar. 20 EFT Hip Hop Hats-a customer $400Mar. 22 $4,800Mar. 28 Interest credit $22 $11,652Checks and other Debits:Mar. 2 EFT to Paper Products $9Mar. 2 ck# 206 $1,095Mar. 18 ck# 207 $$4,300Mar. 19 ck#209 $1,455Mar. 28 EFT to The Cable Co. $85Mar. 28 ck# 208 $825Bank Service Charge $18 (7,787)Ending Balance, March 31, 2015 $27,375Requirements1. Prepare the March bank reconciliation.2. Journalize any transactions required from the bank reconciliation. Computethe adjusted accountDAVIS CONSULTINGBank ReconciliationMarch 31, 2015BANKBalance, March 31, 2015ADD:Deposit in transitBOOKBalance, March 31, 2015ADD:EFT collection from Hip HopInterest revenueLESS:LESS:Outstanding checksEFT payment to Paper ProductsCheck No.EFT payment to The Cable Co.Service chargeAdjusted bank balance, March 31, 2015Adjusted book balance, March 31, 2015Remember to put in the check numbers for outstanding checksRemember; after doing the math the:Adjusted bank balance, March 31, 2015 andAdjusted book balance, March 31, 2015should be the same.DateAccounts and ExplanationDebitCreditMar. 31Available accounts for journal entries:CashAccounts ReceivableCashInterest RevenueOffice SuppliesCashUtilities ExpenseCashBank ExpenseCashMar. 31Mar. 31Mar. 31Mar. 31Remember to put the journal entry transactions in this T accountCashMar. 31 BalMar. 31Mar. 31Mar. 31 End. Bal30,015Mar. 31Mar. 31Mar. 31

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