BANK RECONCILIATION Enter the cash balance from the trial balance as the book balance, and $70,919.23 as the bank statement balance.


Enter the cash balance from the trial balance as the book balance, and $70,919.23 as the bank statement balance. Additional information needed to complete the reconciliation is listed below:

1. A late deposit of $11,225.00 was not listed on the bank statement.

2. Accrued interest earned on the checking account totals $63.80

3. The debit memo from the bank for miscellaneous account services (charged to Bank Service Charges) totals $45.60

4. During the month of June, customers purchased $11,278.44 in merchandise and services using their bank credit cards. A debit memo with the bank statement charges Granite Bay Jet Ski 3% of the total of these sales receipts as a credit card fee (Credit Card Expense). On all calculations remember to round your answer to the nearest cent.

5. Checks 31235, 31236, and 31237 were not returned with the bank statement.

Using the Journalize Daily Entries option, record the required transactions resulting from the bank reconciliation. Since the entries are updating the balance of the cash account and no check is being issued, when the system asks for a check number, enter BKS06. When an invoice number is requested for the interest earned, or bank service charge, also enter BKS06 (Bank Statement for June).

******************************************************************************* Print a copy of the Trial Balance! THIS IS THE TRIAL BALANCE THAT WILL BE USED WHEN RECORDING THE ADJUSTING ENTRIES FOR THE BUSINESS! MAKE SURE TOTALS MATCH THESE FINAL CHECK FIGURES!

1. The June 30 Trial Balance After the Bank Reconciliation balance is $747,026.11.

2. The new balance of the Cash account is $81,521.62.

3. Bank Service Charges totals $120.60, Interest Earned totals $280.80, and Credit Card Expense totals $1,694.07. If your balances match all of the check figures, you are ready to record the adjusting entries for June 30, the end of the quarter.

Current trial balance is as follows:

     Granite Bay Jet Ski Level II

            Trial Balance

            June 30, 2018


       Account Titles          Debit   Credit


 Cash                   81,841.77

 Petty Cash                  100.00

 Short-Term Investments           2,000.00

 Accounts Receivable            30,195.07

 Allowance for Doubtful Accounts            1,411.82

 Accts. Receivable, Credit Card Co.    15,394.05

 Notes Receivable             10,000.00

 Merchandise Inventory          159,956.82

 Prepaid Insurance             6,175.00

 Prepaid Property Tax             650.00

 Store and Shop Supplies          3,786.92

 Store Equipment and Fixtures       71,967.40

 Accum. Deprec., Store Equip. and Fix.         12,370.00

 Shop Equipment              35,310.00

 Accum. Depreciation, Shop Equipment          5,920.00

 Trucks                  55,005.00

 Accumulated Depreciation, Trucks            4,070.00

 Accounts Payable                   16,856.12

 Sales Tax Payable                   1,818.30

 Salaries and Wages Payable          409.06

 Unearned Storage Fees                 15,640.00

 Long-term Notes Payable                70,000.00

 Common Stock                     225,000.00

 Retained Earnings                   73,224.77

 Dividends Declared             2,400.00

 Watercraft and Accessory Sales            304,888.55

 Sales Returns and Allowances        2,254.20

 Service Fees Earned                  9,112.75

 Cost of Goods Sold            222,412.80

 Transportation-In              604.00

 Salaries and Wages Expense        15,176.85

 Truck and Equipment Operating Exp.      899.95

 Advertising Expense            3,558.50

 Delivery Expense               953.10

 Credit Card Expense            1,355.72

 Tools Expense                 40.00

 Dep. Expense, Store Equipment and Fix.    80.00

 Depreciation Expense, Shop Equipment     260.00

 Depreciation Expense, Trucks         240.00

 Rent Expense               15,600.00

 Electricity and Gas Expense         877.05

 Telephone Expense              423.00

 Bank Service Charges             75.00

 License Expense               926.00

 Professional Services Expense        908.00

 Cash Short and Over              21.05

 Discounts Lost                230.00

 Miscellaneous Expense            399.00

 Interest Earned                     217.00

 Dividends Earned                     638.00

 Gain on Sale of Assets                  210.00

 Gain on Short-Term Investments             5,485.00

 Miscellaneous Revenue                  100.00

 Income Taxes Expense            3,250.00

 Interest Expense              1,032.00

 Loss on Sale/Disposal of Assets       195.00

                      ———- ———-

 Total                  746,962.31 746,962.31

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