Prepare the bank reconciliation for Well Healthcare at August31, 2018., Assignments of Financial Accounting

Download Prepare the bank reconciliation for Well Healthcare at August31, 2018. and more Assignments Financial Accounting in PDF only on Docsity! Requirement 1. Prepare the bank reconciliation for Well Healthcare at August31, 2018. Well Healthcare Bank Reconciliation August 31, 2018 Bank:         Balance, August 31, 2018   $4,540 ADD: Deposit in transit $260     Correction of bank error 1,050 1,310         5,850 LESS: Outstanding checks         237 $80       288 190       291 570       294 600       295 30       296 70 1,540 Adjusted bank balance, August 31, 2018   $4,310 Books:         Balance, August 31, 2018   $2,800 ADD: EFT receipt from customer $1,200     Bank collection of dividend revenue 800     Interest revenue on bank balance 120 2,120         4,920 LESS: NSF check (#1) 380     NSF check (#2) 180     Service charge 50 610 Adjusted book balance, August 31, 2018   $4,310 Requirement 2. Journalize any required entries from the bank reconciliation. Include an explanation for each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by preparing the journal entry to record the EFT collection.   Date Accounts and Explanation Debit Credit Aug. 31 Cash 1,200     Accounts Receivable   1,200                               To record account receivable collected by bank.     Next, journalize the dividend revenue. Date Accounts and Explanation Debit Credit Aug. 31 Cash 800     Dividend Revenue   800                               To record dividend revenue collected by bank.     Journalize the interest revenue. Date Accounts and Explanation Debit Credit Aug. 31 Cash 120