Bell Food Store Developed the Following Information in Recording Its

question 119

Essay

Bell Food Store developed the following information in recording its bank statement for the month of March. -------------------------------------------
(1) Checks written in March but still outstanding $7,000.
(2) Checks written in February but still outstanding $3,100.
(3) Deposits of March 30 and 31 not yet recorded by bank $5,200.
(4) NSF check of customer returned by bank $1,200.
(5) Check No. 210 for $593 was correctly issued and paid by bank but incorrectly entered in the cash payments journal as payment on account for $539.
(6) Bank service charge for March was $50.
(7) A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared the bank in March.
(8) The bank collected a note receivable for the company for $3,000 plus $100 interest revenue.
Instructions
Prepare a bank reconciliation at March 31.

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Definitions:

Optimal Transfer Price

The price set for goods or services sold between divisions within the same company to maximize overall company profit.

Competitive Market

A market structure characterized by a large number of buyers and sellers, similar products, and easy market entry and exit, leading to competitive prices.

Wool Fabric

A textile material derived from the fleece of sheep or other animals, known for its warmth, durability, and natural insulating properties.

Corporate Income Tax

A tax imposed on the net income (profit) of corporations, calculated at varying rates depending on the jurisdiction.