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Sagot :
Answer:
Sandhill Company
Bank Reconciliation Statement for August
$
Cash balance per books 7374
Outstanding checks 708
August bank service charge (60)
Deposits in transit (3710)
Electronic funds transfer 3026
Balance per bank 7338
Adjusting entries
August bank service charge
Dr Bank charge $60
Cr Cash account $60
Being entries to record the bank charge for August
Electronic funds transfer
Dr Cash Account $3026
Cr Accounts receivable $3026
Being entries to record cash received from a customer
Explanation:
The bank reconciliation statement identifies transactions that have been correctly recorded by the bank but are yet to be correctly recorded in the books (if recorded).
Considering the given transactions;
Outstanding checks have been deducted from the cash book but are yet to be deducted from the bank.
The bank charge has been deducted from the bank balance but is yet to be recorded in the cash book.
Deposits in transit has been added to the cash book balance but is yet to be added to the bank balance hence it is deducted from the cash book balance to reconcile it to the bank balance.
Electronic funds transfer has been added to the bank balance and will be added to the cash book balance.
Only the bank charge and electronic transfer are yet to be adjusted for in the books hence adjusting entries are required for these 2 items.
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