interactive ltd – bank reconciliation

On 31 May 2012 Interactive Ltd had a cash balance as per company records of $10 949 debit. The bank statement from Community Bank on that date showed a credit balance of $15 569.20. A comparison of the statement with the cash account revealed the following facts: 1. The statement included a debit entry of $120 for the printing of additional company cheques. 2. Cash sales of $1672.30 on 12 May were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $1692.30. The bank credited Interactive Ltd for the correct amount. 3. Unpresented cheques at 31 May totalled $2552.50, and outstanding deposits were $1672.30. 4. On 18 May Interactive Ltd issued cheque no. 1181 for $1370 to M. Helms on account. The cheque, which cleared the bank in May, was incorrectly journalised and posted by Interactive Ltd for $1730. 5. A $6000 note receivable was collected by the bank for Interactive Ltd on 31 May plus $160 interest. The bank charged a collection fee of $40. No interest has been accrued on the note. 6. Included with the cheques paid was a cheque issued by Teller Pty Ltd to P. Jonet for $1200 that was incorrectly charged to Interactive Ltd by the bank. 7. On 31 May the bank statement showed a dishonoured cheque of $1400 that had been issued by W. Hoad, a customer, to Interactive Ltd. Required (a) Prepare the bank reconciliation as at 31 May 2012. (b) Prepare the necessary adjusting entries as at 31 May 2012. 

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