The cash at bank ledger at SunBoost Ltd. has a debit balance of $37,932 at the end of 31 March, while the bank statement prepared at 31 March has a credit balance of $50,580.
The following information is produced by comparing the records of the SunBoost Ltd with the bank statement for March.
- Deposits of $6,270 is not reflected on bank statement
- Cheques of $18,703.5 is not presented to the bank
- A bank fee of $75 is charged by the bank
- Interest earned on bank account is $37.5
- A dishonoured cheque was received from a client Eric S., $1,950
- A note receivable of $1,932 was collected from a customer. It was paid via electronic transfer.
- Cheque issued for advertising expense should have been $2,685, but it was incorrectly recorded in books as $2,955
Special journals are not used. The entity records all transactions in general journal.
- Prepare a bank reconciliation statement for SunBoost Ltd at 31 March.
- Prepare necessary journal entries.
- What is the beginning cash balance for April shown in the cash ledger? What is the beginning cash balance shown in April’s bank statement?
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