Posted by giuseppe on .
For this assignment, imagine you are the accountant for Floral Design Company and are assigned to prepare the monthly bank reconciliation. Complete this task, by using the data below:
1. Complete the bank reconciliation for the month of June.
2. Prepare the journal entries required by the reconciliation.
Floral Design Company’s bank statement for June shows the following data:
• Balance on June 1 $12,350.
• NSF check $175.
• Balance on June 30 $14,280.
• Collection of note receivable $505.
The cash balance per books at June 30, was $13,292. Your review of the data reveals the following:
1. The NSF check was from Bobble Co, a customer.
2. The note collected by the bank was a $500 note with $5 interest.
3. Outstanding checks at June 30 total $2410.
4. Deposits in transit at June 30 total $1752.