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The Cash General Ledger Account Balance of Gladstone LTD Was

The cash balance according to Gladstone Ltd's records was $2,531 on March 31, 2015 but the bank statement showed a balance of $1,500. Several discrepancies existed between the company's records and the bank statement including deposits and checks that had not cleared, a returned NSF check, recording errors, and bank fees. A bank reconciliation and adjusting entries are required to reconcile the cash balances.

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123 views1 page

The Cash General Ledger Account Balance of Gladstone LTD Was

The cash balance according to Gladstone Ltd's records was $2,531 on March 31, 2015 but the bank statement showed a balance of $1,500. Several discrepancies existed between the company's records and the bank statement including deposits and checks that had not cleared, a returned NSF check, recording errors, and bank fees. A bank reconciliation and adjusting entries are required to reconcile the cash balances.

Uploaded by

Taimur Technologist
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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The Cash general ledger account balance of Gladstone Ltd

was #4993
The Cash general ledger account balance of Gladstone Ltd. was $2,531 at March 31, 2015. On
this same date, the bank statement had a balance of $1,500. The following discrepancies were
noted:a. A deposit of $1,000 made on March 30, 2015 was not yet recorded by the bank on the
March statement.b. A customer's cheque amounting to $700 and deposited on March 15 was
returned NSF with the bank statement.c. Cheque #4302 for office supplies expense, correctly
made out for $125 and clearing the bank for this amount, was recorded in the company records
as $152.d. $20 for March service charges were recorded on the bank statement but not in the
company records.e. A cancelled cheque for $250 belonging to Global Corp. but charged by the
bank to Gladstone Ltd. was included with the cancelled cheques returned by the bank.f. There
were $622 of outstanding cheques at March 31.g. The bank collected a note receivable for $300
on March 31 including interest of $50. The bank charged Gladstone Ltd. a $10 service charge
that also is not included in the company records.Required: Prepare a bank reconciliation and
record all necessary adjusting entries at March 31, 2015.View Solution:
The Cash general ledger account balance of Gladstone Ltd was

ANSWER
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