Simple Accounting Assignment

assignment_mod_10.xlsx

M10 Assignment

Module 10 Assignment:
Gooseberry Inc. had a cash balance on the books of $6171 on May 31. Cash records for May show the following:
Debits/ Deposits		Credits/ Payments
2716		8
544		775
896		88
367		126
2037		970
		200
		2267
Gooseberry Inc. received the following bank Statement for May:
Bank Statement for May
Beginning Balance
Deposits and other additions:					$4,045
May 1			625	EFT
5			2,716
10			544
15			896
18			367
31			1,000	BC	$6,148
Checks and other deductions:
May 8			441	NSF
15	(check number 1416)		8
19			340	EFT
22	(check number 1417)		775
29	(check number 1418)		88
31	(check number 1419)		216
31			25	SC	-$1,893
					$8,300
Additional Data:
The EFT deposti was a receipt of rent revenue. The EFT debit was payment of insurance expense.
The NSF check was received from a customer
The $1000 bank collection was for a note receivable
The correct amount of check 1419 is $216. Gooseberry Inc. mistakingly recorded the check for $126
Requirements:
1	Prepare the bank reconciliation.
	Gooseberry
	Bank Reconciliation
	May 31, 20##
2	Prepare the journal entries.
	Journal
	Date	Accounts			Post. Ref	Debit	Credit