Other Information Check no. 1462 was outstanding from February. A credit memo for collection of accounts receivable was included in the bank statement. All checks were paid at the correct amount. The bank statement included a debit memo for service charges. The February 28 bank reconciliation showed a deposit in transit of $1,150. Check no. 1468 was for the purchase of equipment. The unadjusted Cash account balance at March 31 was $13,060. Required: Prepare the bank reconciliation for Pyle Garage at the end of March. Explain how the adjustments described above affect the cash account.

Reconciliation of bank account:

Bank account balance $14,125

+ deposits in transit $3,593

- outstanding checks ($1,546) and ($793)

reconciled bank account $15,379

Reconciliation of cash account:

Cash account balance $13,060

+ Note collected by bank $3,098

- Bank fees ($69)

- Error in processing check # 1468 ($710)

reconciled cash account $15,379

Since all checks were paid at the correct amount, that means that the company's accountant made a mistake when he/she registered check #1468 and that mistake must be corrected in the cash account reconciliation.

Credit memos collected by the bank increase the company's cash account.

Debit memos (bank fees) decrease the company's cash account.

The previous month's reconciliation doesn't affect this month's reconciliation.

Explanation:

the information is incomplete, so I looked for it:

BANK STATEMENT HAZARD STATE BANK 215 MAIN STREET HAZARD, GA 30321 - Account number 62-00062 - March 31, 2018

Beginning balance 3/1/2018$9,083

Total deposits and other credits30,155

Total checks and other debits25,110

Ending balance 3/31/201814,125

Checks and Debits

Check No.Amount

1462$3,805

14631,693

14648,050

14652,951

14661,455

14676,230

DM69

1468860

Deposits and Credits

DateAmount

March 1$1,150

March 26,554

March 64,987

March 126,219

March 176,013

March 222,134

CM3,098

The following is a list of checks and deposits recorded on the books of Pyle Garage for March 2018:

DateCheck No.Amount of CheckDateAmount of Deposit

March 11463$1,693March 1$6,554

March 514648,050March 54,987

March 614652,951  

March 914661,455March 106,219

March 1014676,230  

March 141468150March 166,013

March 1914691,546March 192,134

March 281470793March 293,593

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