the april 30 2016 bank statement for comet company showed a cash balance of 7 582 th 4374948

The April 30, 2016, bank statement for Comet Company showed a cash balance of $7,582. The cash account in the company’s general ledger (G/L), according to the company’s records on April 30, had a balance of $4,643. The following additional data were revealed during the reconciliation process: 1. A deposit of $652 that had been made by the company on March 31 was processed by the bank in April, and a deposit of $1,531 made on April 30 had not yet been processed by the bank. 2. The bank statement listed a deposit for $360 that was mistakenly put in Comet Company’s bank account; it should have gone to Comment Company’s account. 3. Comet Company determined that there were three cheques that had not yet been processed by the bank: #466 for $1,250, #467 for $520, and #470 for $1,350. 4. The bank had collected a note receivable for $1,000 from one of Comet Company’s customers. An additional $15 in interest had been added to its account. 5. The bank service charge for the month was $25. Required: a. Prepare a bank reconciliation for Comet Company as at April 30, 2016. b. What cash balance should Comet Company report on its statement of financial position as at April 30, 2016? c. Prepare the journal entries that are required to bring Comet Company’s cash account to its correct balance. View Solution:
The April 30 2016 bank statement for Comet Company showed

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