Question

DI Stefano Office Supply Company received a bank statement showing a balance of $67,655 as of March 31, 2019. The firm's record showed a book balance of $69,445 on March 31. The difference between the two balances was caused by the following items. 1. A debit memorandum for $43, which covers the bank's collection fee for the note (item 6). 2. A deposit in transit of $3,350. 3. A check for $241 issued by another firm that was mistakenly charged to Di Stefano's account. 4. A debit memorandum for an NSF check of $6.100 issued by Wozniak Construction Company, a credit customer. 5. Outstanding checks: Check 3782 for $1,850: Check 3840 for $144. 6. A credit memorandum for a $5.950 noninterest-bearing note receivable that the bank collected for the firm. Prepare a bank reconciliation statement for the firm as of March 31. Prepare the necessary Journal entries for March 31, 2019 from th statement Complete this question by entering your answers in the tabs below. BONNE Bank Rec General Journal Prepare a bank reconciliation statement for the firm as of March 31 DI STEFANO OFFICE SUPPLY COMPANY

Answer 1

Answer
1
Balance on bank statement		$     67,655
Additions:
Deposit in transit	$     3,350
Check incorrectly charged	$        241	$       3,591
Deductions for outstanding checks:
Check 3782	$     1,850
Check 3840	$        144
Total outstanding checks		$       1,994
Adjusted bank balance		$     69,252
Balance in books		$     69,445
Additions:
Non interest-bearing note collected by bank		$       5,950
Deductions:
Bank collection fee for note	$          43
NSF check from Wilson Construction Company	$     6,100	$       6,143
Adjusted book balance		$     69,252

2

Journal entries
Trans	Accounts Tilte	Dr	Cr
	Cash	$     5,950
	Notes Receivable		$       5,950
	Miscellaneous Expense	$          43
	Cash		$            43
	Accounts Receivable/Wilson Construction Company	$     6,100
	Cash		$       6,100

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