Project #10044 - Accounting for Managers

Read the following scenario, and complete the form on the following worksheet:            
The cash account for Interactive Systems at February 28, 2011 indicated a balance of $7,635.  The bank statement indicated a balance of $13,333 on February 28, 2011. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items:
                           
a. Checks outstanding totaled $4,118                  
b. A deposit of $4,500, representing receipts of February 28, had been made too late to appear on the bank statement.  
c. The bank had collected $5,200 on a note left for collection.  The face of the note was $5,000.        
d. A check for $290 returned with the statement had been incorrectly recorded by Interactives Systems as $920.  The check was for the payment of an obligation to Busser Co. for the purchase of office supplies on account.
e. A check drawn for $415 had been incorrectly charged by the bank as $145.          
f. Bank service charges for February amounted to $20.              
                           
                           
                           
To Do:                          
                           
1 Prepare a bank reconciliation.  Use the provided form on the following worksheet.          
  Please use the drop-down list (right of the cell) to enter the account description box on the worksheet.      
                           
2 Journalize the necessary entries.  The accounts have not been closed.  Use the provided form on the following worksheet.  

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Due By (Pacific Time) 08/03/2013 12:00 pm
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