{"id":72181,"date":"2021-11-08T05:36:20","date_gmt":"2021-11-08T05:36:20","guid":{"rendered":"https:\/\/papersspot.com\/blog\/2021\/11\/08\/chapter-7-cp7-3-prepare-a-bank-reconciliation-and-record-all-necessary-adjusting-entries-at-march-31-2019\/"},"modified":"2021-11-08T05:36:20","modified_gmt":"2021-11-08T05:36:20","slug":"chapter-7-cp7-3-prepare-a-bank-reconciliation-and-record-all-necessary-adjusting-entries-at-march-31-2019","status":"publish","type":"post","link":"https:\/\/papersspot.com\/blog\/2021\/11\/08\/chapter-7-cp7-3-prepare-a-bank-reconciliation-and-record-all-necessary-adjusting-entries-at-march-31-2019\/","title":{"rendered":"Chapter 7, CP7-3 Prepare a bank reconciliation and record all necessary adjusting entries at March 31, 2019."},"content":{"rendered":"<p>CP 7\u20133<br \/> The Cash general ledger account balance of Gladstone Ltd. was $2,531<br \/> at March 31, 2019. On this same date, the bank statement had a<br \/> balance of $1,500. The following discrepancies were noted: <br \/>a. A deposit of $1,000 made on March 30, 2019 was not yet recorded<br \/> by the bank on the March statement. <br \/>b. A customer\u2019s check amounting to $700 and deposited on March 15<br \/> was returned NSF with the bank statement. <br \/>c. Check #4302 for office supplies expense, correctly made out for<br \/> $125 and clearing the bank for this amount, was recorded in the<br \/> company records as $152. <br \/>d. $20 for March service charges were recorded on the bank statement<br \/> but not in the company records. <br \/>e. A cancelled check for $250 belonging to Global Corp. but charged by<br \/> the bank to Gladstone Ltd. was included with the cancelled checks<br \/> returned by the bank. <br \/>f. There were $622 of outstanding checks at March 31. <br \/>g. The bank collected a note receivable for $300 on March 31 including<br \/> interest of $50. The bank charged Gladstone Ltd. a $10 service<br \/> charge that also is not included in the company records. <br \/>Required: Prepare a bank reconciliation and record all necessary<br \/> adjusting entries at March 31, 2019. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>CP 7\u20133 The Cash general ledger account balance of Gladstone Ltd. was $2,531 at March 31, 2019. 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, 2019 was not yet recorded by the bank on the March statement. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[16],"class_list":["post-72181","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-accounting"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/72181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=72181"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/72181\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=72181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=72181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=72181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}