Assignment

Exercise

Q1. The following data were accumulated for use in reconciling the bank account of Mozart Co.

for July:

1. Cash balance according to the company’s records at July 31, $15,600.

2. Cash balance according to the bank statement at July 31, $16,230.

3. Checks outstanding, $3,180.

4. Deposit in transit, not recorded by bank, $2,950.

5. A check for $270 in payment of an account was erroneously recorded in the check register as
$720.

6. Bank debit memo for service charges, $50.

Instruction

a. Prepare a bank reconciliation, using the above data

b. Pass the necessary journal entry
Q2.

Bank Reconciliation Problem #1 Information from the records and bank statement and of Matrix, Inc. as
of July 31, 2018 is set forth below

 Cash balance per bank, July 31, 2018………… ……………..$9,61 0

 Cash balance per general ledger, July 31, 2018………………. 7,430
 Outstanding checks at July 31, 2018 ……………………………2,417
 Check mailed to the bank for deposit that had not reached the bank by July 31, 2018 …….500
 NSF check (from a customer for a payment on account) returned by bank ………… 281
 July interest earned per bank statement……………………………………………… 30
 Check no. 781 for supplies expense cleared the bank for $240, but was erroneously recorded in
the books at ….$268
 Deposit by Acme Company erroneously credited by the bank to our account …………..486
Required:

Part A - Prepare the bank reconciliation for Matrix, Inc.

Part B - Prepare any journal entries that should be made as a result of the bank reconciliation.
Instructions

1. create a group consists of 7 individual do this exercise

Bank Reconciliation Problem

#1
Information from the records and
bank statement and of Matrix, Inc.
as of July 31, 2018 is set forth
below
Cash balance per bank, July 31,
2018 $9,61
0
Cash balance per general ledger,
July 31, 2018 7,430
Outstanding checks at July 31,
2018 2,417
Check mailed to the bank for
deposit that had not reached the
bank by July 31, 2018 500
NSF check (from a customer for a
payment on account) returned by
bank 281
July interest earned per bank
statement 30
Check no. 781 for supplies
expense cleared the bank for $240,
but was erroneously
recorded in the books at $268
Deposit by Acme Company
erroneously credited by the bank to
our account 486
Required:
Part A - Prepare the bank
reconciliaon for Matrix, Inc.
Part B - Prepare any journal entries
that should be made as a result of
the bank reconciliaon
Bank Reconciliation Problem
#1
Information from the records and
bank statement and of Matrix, Inc.
as of July 31, 2018 is set forth
below
Cash balance per bank, July 31,
2018 $9,61
0
Cash balance per general ledger,
July 31, 2018 7,430
Outstanding checks at July 31,
2018 2,417
Check mailed to the bank for
deposit that had not reached the
bank by July 31, 2018 500
NSF check (from a customer for a
payment on account) returned by
bank 281
July interest earned per bank
statement 30
Check no. 781 for supplies
expense cleared the bank for $240,
but was erroneously
recorded in the books at $268
Deposit by Acme Company
erroneously credited by the bank to
our account 486
Required:
Part A - Prepare the bank
reconciliaon for Matrix, Inc.
Part B - Prepare any journal entries
that should be made as a result of
the bank reconciliaon
Bank Reconciliation Problem
#1
Information from the records and
bank statement and of Matrix, Inc.
as of July 31, 2018 is set forth
below
Cash balance per bank, July 31,
2018 $9,61
0
Cash balance per general ledger,
July 31, 2018 7,430
Outstanding checks at July 31,
2018 2,417
Check mailed to the bank for
deposit that had not reached the
bank by July 31, 2018 500
NSF check (from a customer for a
payment on account) returned by
bank 281
July interest earned per bank
statement 30
Check no. 781 for supplies
expense cleared the bank for $240,
but was erroneously
recorded in the books at $268
Deposit by Acme Company
erroneously credited by the bank to
our account 486
Required:
Part A - Prepare the bank
reconciliaon for Matrix, Inc.
Part B - Prepare any journal entries
that should be made as a result of
the bank reconciliaon
Bank Reconciliation Problem
#1
Information from the records and
bank statement and of Matrix, Inc.
as of July 31, 2018 is set forth
below
Cash balance per bank, July 31,
2018 $9,61
0
Cash balance per general ledger,
July 31, 2018 7,430
Outstanding checks at July 31,
2018 2,417
Check mailed to the bank for
deposit that had not reached the
bank by July 31, 2018 500
NSF check (from a customer for a
payment on account) returned by
bank 281
July interest earned per bank
statement 30
Check no. 781 for supplies
expense cleared the bank for $240,
but was erroneously
recorded in the books at $268
Deposit by Acme Company
erroneously credited by the bank to
our account 486
Required:
Part A - Prepare the bank
reconciliaon for Matrix, Inc.
Part B - Prepare any journal entries
that should be made as a result of
the bank reconciliaon