Question: the following information relates to the cash position of acfs...
The following information relates to the cash position of ACFS Pty Ltd, a financial services company:
1. General ledger Cash at Bank account balance as at 31 July 2020 showed a balance of $15,000
2. ACFS Pty Ltd Bank statement balance as at 31 July 2020 was $16,800
3. Cheque # 62, a payment to accounts payable, was correctly written and paid by the bank for $808. The amount entered into the cash payment journal for Cheque #62 was for $880
4. 31 July receipts amounting to $422 remain outstanding on the bank statement.
5. A $625 deposit made by A. Johns was incorrectly credited to the bank account of ACFS Pty Ltd.
6. A $380 cheque was returned marked ‘dishonoured’. The cheque had been received from S. Damon, a new customer.
7. The bank statement shows that the bank has charged the business’s account with fees and charges of $60.
8. Cheques issued which have not been presented total $1965
a) Prepare a bank reconciliation at 31 July 2020 based on the provided information. (4 Marks)
b) Journalise the entries required by the reconciliation. (5 Marks)