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ACC - Walters, Inc.




Question;The accounting records and bank statement for Walters, Inc. revealed the following information for April 30, 2010:Bank statement balance, April 30, 2010 $51,000Credit memo with bank statement for interest earned during April on bank account 15Debit memo with bank statement for April's service charge 27Deposits in transit on April 30 2,000Cash on hand 500NSF customer check on April 30 1,000A $175 deposit made on April 3 was recorded incorrectly by the bank as 125The bank collected a customer's note receivable (including 10% interest) 1,100Outstanding checks on April 30 3,900Cash account balance, April 30, 2010 50,000Required:a. Prepare a bank reconciliation using good format. Be sure to include the ?cash shortage?.b. Prepare any necessary adjusting journal entries for April 30, 2010. Be sure to include the ?cash shortage?.


Paper#39956 | Written in 18-Jul-2015

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