Bank ReconciliationThe bank reconciliation made by Winton, Inc., on August 31 showed: Deposit in…

Bank ReconciliationThe bank reconciliation made by Winton, Inc., on August 31 showed:

Deposit in transit of $2,560
Outstanding checks no.597 $1,660
no.603 $1,280
The reconciled cash balance on August 31 was $28,220

The following bank statement is available for September:

 

Bank Statement
TO Winton, Inc. September 30
St. Louis, MO STATE BANK
Date Deposits No. Date Charges Date Balance
Sept. 1 $2,560 597 Sept. 1 $1,660 Aug. 31 $28,600
2 2,240 607 5 3,700 Sept. 1 29,500
5 1,700 608 5 2,200 2 31,740
9 1,488 609 9 1,104 5 27,540
15 2,720 610 8 1,280 8 26,260
17 3,080 611 17 976 9 26,644
25 2,056 612 15 1,348 15 28,016
30 1,360 614 25 1,840 17 30,120
NSF 29 2,056 25 30,336
SC 30 72 29 28,280
30 29,568
Item codes EC: Error Correction DM: Debit Memo CM: Credit Memo
SC: Service Charge OD: Overdraft RT: Returned Item
IN: Interest Earned NSF: Non-sufficient Funds

A list of deposits made and checks written during September is shown below:

 

Deposits Made Checks Written
Sept. 1 $2,240 No. 607 $3,700
4 1,700 608 2,200
8 1,488 609 1,104
12 2,720 610 1,280
16 3,080 611 976
24 2,056 612 1,492
29 1,360 613 620
30 2,532 614 1,840
$17,176 615 772
616 840
$14,824

The Cash in Bank account balance on September 30 was $30,572. In reviewing checks returned by the bank, the accountant discovered that check No. 612 written for $1,348 for advertising expense, was recorded in the cash disbursements journal as $1,492. The NSF check written for $2,056, which Winton deposited on September 24, was a payment on account from customer D. Walker.

Required
a. Prepare a bank reconciliation for Winton, Inc., at September 30.
b. Prepare the necessary journal entries to bring the Cash in Bank account into agreement with the reconciled cash balance on the bank reconciliation.

  • Bank reconciliation
  • Journal entries
WINTON, INC.
Bank Reconciliation
September 30
AnswerEnding Balance from Bank StatementBalance from General LedgerAdd: Deposits not credited by bankService chargeReconciled Cash Balance
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Answer AnswerEnding Balance from Bank StatementBalance from General LedgerAdd: Deposits not credited by bankService chargeReconciled Cash Balance
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Answer
AnswerEnding Balance from Bank StatementBalance from General LedgerAdd: Deposits not credited by bankService chargeReconciled Cash Balance
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Answer Add: Check No. 612 for Answer
Answer recorded as Answer Answer
Answer
Less: Outstanding checks (list in numerical order) Less: NSF Check of D. Walker Answer
Check no. Amount
603 Answer AnswerEnding Balance from Bank StatementBalance from General LedgerAdd: Deposits not credited by bankService chargeReconciled Cash Balance
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Answer Answer
Answer Answer
Answer Answer
Answer Answer Answer
AnswerEnding Balance from Bank StatementBalance from General LedgerAdd: Deposits not credited by bankService chargeReconciled Cash Balance
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Answer AnswerEnding Balance from Bank StatementBalance from General LedgerAdd: Deposits not credited by bankService chargeReconciled Cash Balance
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