question brachycephalic inc received its september 30 2017 bank statement it showed 4305246

question brachycephalic inc received its september 30 2017 bank statement it showed 4305246

Question

Brachycephalic Inc. received its September 30, 2017 bank statement. It showed a balance of $8,300. It also showed bank charges of $50, collection of Louis Brandeis’ note for $2,400 and interest of $72, a collection fee of $11, and that Willy Brandt’s check of $506.40 was uncollectible. Brachycephalic Inc.’s ledger showed a cash balance of $7939.70. Comparison of the records with the bank statement revealed the following:

A deposit in transit of $6,780.

Checks outstanding on September 30 of

o 4221 $4012.00

o 4222 260.10

The bookkeeper had entered as $120 a $180 customer check that was for paymenton account.

Check #4198 for $982 which had been issued to pay utilities had been entered as $838.

Check #4212 for $116.40 which had been issued to buy office supplies had been entered as $1,164.

Required:

1. Prepare the September 30, 2017 bank reconciliation.

2. Prepare the required entries on the books of Brachycephalic Inc.

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