Acc205 Principles of Accounting: P7-42 Draper performs systems consulting

Acc205 Principles of Accounting

P7-42 Preparing a bank reconciliation and journal entries [20–25 min]
This problem continues the Draper Consulting situation from Problem 6-45 of Chapter 6.

Draper performs systems consulting. Draper’s February Cash from its general ledger is as follows:
Cash
Jan 31 Bal 23,115 ck207 4,300 Feb 1
Feb 6 2,930 ck208 825 Feb 14
Feb 13 2,800 ck209 1,455 Feb 14
Feb 20 4,800 ck210 190 Feb 28
Feb 27 3,690 ck211 550 Feb 28
Feb 28 Unadj Bal 30,015

Draper’s bank statement dated February 28, 2013, follows:
Bank Statement for February 2013
Beginning Balance, January 31, 2013 23,510
Deposits and Other Credits:
Feb 1. 700
Feb 8. 2,930
Feb 14. 2,800
Feb 20. EFT Hip Hop Hats - a customer 400
Feb 22. 4,800
Feb 28. Interest credit 22 11,652
Checks and Other Debits:
Feb 2. EFT to Paper Products 9
Feb 2. ck#206 1,095
Feb 18. ck#207 4,300
Feb 19. ck#209 1,455
Feb 28. EFT to The Cable Co. 85
Feb 28. ck#208 825
Bank Service Charge 18 (7,787)
Ending Balance, February 28, 2013 $27,375

Requirements
1. Prepare the February bank reconciliation.
2. Journalize and post any transactions required from the bank reconciliation. Key all items by date. Compute each account balance, and denote the balance as Bal.
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