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Question: 55 mastery problem reconciling a bank statement journalizing a bank...

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5-5 MASTERY PROBLEM Reconciling a bank statement; journalizing a bank service charge, a dishonored check, and petty cash transactions James Astrup owns a business called LawnMow. Selected general ledger accounts are given below. 110 Cash 115 Petty Cash 120 Accts. Rec.-Bruce Kassola 30 Supplies Instructions: 140 Prepaid Insurance 320 James Astrup, Drawing 520 Miscellaneous Expense 530 Rent Expense 535 Repair Expense 540 Supplies Expense 550 Utilities Expense 1. Journalize the following transactions completed during August of the current year. Use page 20 of the journal given below. Source documents are abbreviated as follows: check, c; memorandum, M; calculator tape, T. Transactions: Aug. 21, Paid cash to establish a petty cash fund, $300.00. C110. 24. Paid cash for repairs, $165.00. C111. 26. Paid cash for supplies, $60.00. C112. 27. Received notice from the bank of a dishonored check from Bruce Kassola, 140.00, plus $35.00 fee; total, $175.00. M33. 28, Paid cash for miscellaneous expense, $31.00. C113. 31, Paid cash to owner for personal use, $400.00. C 114. 31. Paid cash to replenish the petty cash fund, $255.00: supplies, $125.00 miscellaneous expense, $130.00. C115 31. Received cash from sales, $350.00. T31 2. On August 31 of the current year,LawnMow received a bank statement dated August 30. Prepare a bank statement reconcililation. Use August 31 of the current year as the date. The following information is obtained from the August 30 bank statement and from the records of the business.
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