Part 1 As part of your role as the controller for Lynbrook, Inc., you are asked to prepare a
monthly bank reconciliation. The information you need to prepare the November 30, 2023, bank
reconciliation for Lynbrook are as follows: 1. The ledger account for Cash showed a balance on
November 30 of $8,285. 2. The November bank statement showed a closing balance of $5,380.
3. The cash received on November 30 amounted to $4,750. It was left at the bank in the night
depository chute after banking hours on November 30 and therefore was not recorded by the
bank in the November statement. 4. Also included with the November bank statement was a
debit memo from the bank for $25 representing service charges for November. 5. A credit memo
enclosed with the November bank statement indicated that a non-interest-bearing note receivable
for $5,000 from ScanHouse, Inc., left with the bank for collection, had been collected and the
proceeds credited to the account of Lynbrook, Inc. 6. Comparison of the paid checks returned by
the bank with the entries in the accounting records revealed that check no. 2560 for $850, issued
November 15 in payment for computer equipment, had been erroneously entered in Lynbrook's
records as $580. 7. Examination of the paid checks also revealed that three checks, all issued in
November, had not yet been paid by the bank: no. 2514 for $120; no. 2516 for $350; no. 2530
for $170. 8. Included with the November bank statement was a $3,500 check drawn by Joe
Biden, a customer of Lynbrook, Inc. This check was marked NSF. It had been included in the
deposit of November 27 but had been charged back to the company's account on November 30.
Instructions a. Prepare a bank reconciliation for Lynbrook, Inc., on November 30, 2023. b.
Prepare the journal entries (in general journal form) to update the appropriate accounts on
November 30. c. State the amount of cash that should be included in the balance sheet on
November 30. Part 2 As the controller of Lynbrook, Inc., you decided to create a petty cash fund
of $1,000 on October 1, 2023. Towards the end of October, the following cash receipts/vouchers
were in the petty cash box: travel expense $ 52 postage expense 97 (continued) delivery
expense 25 uber expense 75 meals and entertainment 278 In addition to the above cash
receipts/vouchers the petty cash box contained $478 in cash. Due to the high use of the petty
cash fund during October, it was determined that the petty cash fund should be increased to
$1,250 at the end of October. On October 31, Lynbrook made the decision to replenish the petty
cash fund and increase the balance to $1,250. Required: Prepare journal entries, in general
journal form, to record the following: a) Establishment of the fund on October 1 b)
Replenishment of the fund on October 31 to a balance of $1,250. Reminder: Continue using
proper Excel formulas to prepare your solutions. Upload Excel spreadsheet to Canvas by 11:59
pm on due date. Part 1 As part of your role as the c.
Part 1 As part of your role as the controller for Lynbrook, Inc., yo.pdf
1. Part 1 As part of your role as the controller for Lynbrook, Inc., you are asked to prepare a
monthly bank reconciliation. The information you need to prepare the November 30, 2023, bank
reconciliation for Lynbrook are as follows: 1. The ledger account for Cash showed a balance on
November 30 of $8,285. 2. The November bank statement showed a closing balance of $5,380.
3. The cash received on November 30 amounted to $4,750. It was left at the bank in the night
depository chute after banking hours on November 30 and therefore was not recorded by the
bank in the November statement. 4. Also included with the November bank statement was a
debit memo from the bank for $25 representing service charges for November. 5. A credit memo
enclosed with the November bank statement indicated that a non-interest-bearing note receivable
for $5,000 from ScanHouse, Inc., left with the bank for collection, had been collected and the
proceeds credited to the account of Lynbrook, Inc. 6. Comparison of the paid checks returned by
the bank with the entries in the accounting records revealed that check no. 2560 for $850, issued
November 15 in payment for computer equipment, had been erroneously entered in Lynbrook's
records as $580. 7. Examination of the paid checks also revealed that three checks, all issued in
November, had not yet been paid by the bank: no. 2514 for $120; no. 2516 for $350; no. 2530
for $170. 8. Included with the November bank statement was a $3,500 check drawn by Joe
Biden, a customer of Lynbrook, Inc. This check was marked NSF. It had been included in the
deposit of November 27 but had been charged back to the company's account on November 30.
Instructions a. Prepare a bank reconciliation for Lynbrook, Inc., on November 30, 2023. b.
Prepare the journal entries (in general journal form) to update the appropriate accounts on
November 30. c. State the amount of cash that should be included in the balance sheet on
November 30. Part 2 As the controller of Lynbrook, Inc., you decided to create a petty cash fund
of $1,000 on October 1, 2023. Towards the end of October, the following cash receipts/vouchers
were in the petty cash box: travel expense $ 52 postage expense 97 (continued) delivery
expense 25 uber expense 75 meals and entertainment 278 In addition to the above cash
receipts/vouchers the petty cash box contained $478 in cash. Due to the high use of the petty
cash fund during October, it was determined that the petty cash fund should be increased to
$1,250 at the end of October. On October 31, Lynbrook made the decision to replenish the petty
cash fund and increase the balance to $1,250. Required: Prepare journal entries, in general
journal form, to record the following: a) Establishment of the fund on October 1 b)
Replenishment of the fund on October 31 to a balance of $1,250. Reminder: Continue using
proper Excel formulas to prepare your solutions. Upload Excel spreadsheet to Canvas by 11:59
pm on due date. Part 1 As part of your role as the controller for Lynbrook, Inc., you are asked to
prepare a monthly bank reconciliation. The information you need to prepare the November 30,
2023, bank reconciliation for Lynbrook are as follows: 1. The ledger account for Cash showed a
2. balance on November 30 of $8,285. 2. The November bank statement showed a closing balance
of $5,380. 3. The cash received on November 30 amounted to $4,750. It was left at the bank in
the night depository chute after banking hours on November 30 and therefore was not recorded
by the bank in the November statement. 4. Also included with the November bank statement was
a debit memo from the bank for $25 representing service charges for November. 5. A credit
memo enclosed with the November bank statement indicated that a non-interest-bearing note
receivable for $5,000 from ScanHouse, Inc., left with the bank for collection, had been collected
and the proceeds credited to the account of Lynbrook, Inc. 6. Comparison of the paid checks
returned by the bank with the entries in the accounting records revealed that check no. 2560 for
$850, issued November 15 in payment for computer equipment, had been erroneously entered in
Lynbrook's records as $580. 7. Examination of the paid checks also revealed that three checks,
all issued in November, had not yet been paid by the bank: no. 2514 for $120; no. 2516 for $350;
no. 2530 for $170. 8. Included with the November bank statement was a $3,500 check drawn by
Joe Biden, a customer of Lynbrook, Inc. This check was marked "NSF." It had been included in
the deposit of November 27 but had been charged back to the company's account on November
30. Instructions a. Prepare a bank reconciliation for Lynbrook, Inc., on November 30, 2023. b.
Prepare the journal entries (in general journal form) to update the appropriate accounts on
November 30. c. State the amount of cash that should be included in the balance sheet on
November 30 . Part 2 As the controller of Lynbrook, Inc., you decided to create a petty cash fund
of $1,000 on October 1, 2023. Towards the end of October, the following cash receipts/vouchers
were in the petty cash box: - travel expense - postage expense - delivery expense $52 97
(continued) 25
In addition to the above cash receipts/vouchers the petty cash box contained $478 in cash. Due to
the high use of the petty cash fund during October, it was determined that the petty cash fund
should be increased to $1,250 at the end of October. On October 31, Lynbrook made the decision
to replenish the petty cash fund and increase the balance to $1,250. Required: Prepare journal
entries, in general journal form, to record the following: a) Establishment of the fund on October
1 b) Replenishment of the fund on October 31 to a balance of $1,250. Reminder: Continue using
proper Excel formulas to prepare your solutions. Upload Excel spreadsheet to Canvas by 11:59
pm on due date.
