The following information is available for the Edwards Company for its March 31 bank reconciliation:
From the March 31 bank statement:
NSF: A check from a customer,Cook Co.in payment of their account.
IN: Interest earned on the account.
From the Edwards Company's accounting records:
a. Based on the above information, prepare a bank reconciliation for the Edwards Company.
b. Prepare the necessary general journal entries to adjust cash to the reconciled balance.
Definitions:
Materials
Items and substances used in the production of goods, including raw materials, components, and parts.
Weighted-Average Method
A cost accounting method that calculates the cost of equivalent units of production by weighting the cost of units transferred out and the cost of the ending work in process inventory.
Processing Department
A production department specialized in a particular process or stage in the manufacturing process, where costs are accumulated.
Process Costing System
A costing method used where similar goods are produced in a continuous process, allocating costs across units produced.
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