Accounting Principles I - Online Exam IV - Chapters 8, 9 and 11

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1 Accounting Principles I - Online EXAM IV - Chapters 8, 9 & 11 Part II Complete the following exam and save this file on your hard drive. Then submit your file to your instructor on Canvas. NAME___ PART A (14 Points) 1. Greenview Food Store developed the following information in recording its bank statement for the month of March. a. Outstanding checks total $1,380. b. Deposits of March 30 and 31 not yet recorded by the bank $1,185. c. NSF check of Joe Goofy, a customer, returned by the bank $420. d. Check No. 210 for $161 was correctly issued and paid by the bank but incorrectly entered in the cash payments journal as a payment of Supplies for $116. e. Bank service charge for March was $15. f. The bank collected a note receivable for the company for $3,000 plus $200 interest revenue. Required: Complete the bank reconciliation below to include proper explanations. Greenview Food Store Bank Reconciliation March 31 Balance Per Bank Statement, March 31 $ 9,365 Add: Deposit in transit $ 1185
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2 Subtotal: $ 10550 Less: Outstanding checks 1380 Adjusted Balance Per Bank, March 31 $ 9170 Balance Per Books, March 31 $ 6,450 Add: Collection of notes receivable $ 3200 Subtotal: $ 9650 Less: Bank charges $ 15 Error in check 45 NSF check 420 480 Adjusted Balance Per Books, March 31 $ 917 0 2. Record the general journal entry or entries necessary to adjust Greenview Food Store records as of March 31 in relation to the bank reconciliation above. Date Account Titles Debit Credit March 31 Cash 3200 Notes receivable 3000 Interest revenue 200 March 31 Bank charges 15 Cash 15

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