Question
At November 30, 2026 Stonemere Traders' bank statement shows a balance of $18,400 and its cash account shows $16,950. Comparing the two reveals:
- A deposit of $2,300 made on November 30 does not appear on the statement.
- Cheques totalling $3,120 have not yet cleared the bank.
- The bank deducted a service charge of $45.
- A customer's cheque for $380, deposited in November, was returned NSF (not sufficient funds).
- The bank collected a $1,000 note receivable for Stonemere, plus $55 interest.
Required:
- Adjusted Balance — the correct cash balance at November 30.
- Journal Entries — every entry Stonemere must make on November 30. Use Cash, Notes Receivable, Interest Revenue, Bank Service Charge Expense and Accounts Receivable.
Statements in this challenge
- Adjusted BalanceNumeric Answer
- Journal EntriesJournal Entry
Scoring
- 40% Account naming / line matching
- 40% Amount correctness
- 20% Structure / section placement
How to approach this
IAS 1 — Presentation of Financial Statements
A composite challenge links several statements built from one set of data, so figures flow between them: profit reaches retained earnings, and the closing balances feed the position statement. Complete them in the order the statements depend on each other rather than the order of the tabs.
Common mistakes
- Preparing each statement independently, so the linking figures disagree.
- Carrying a figure forward before finishing the adjustments that change it.
- Reworking a linked figure in one statement without updating it in the others.
Further readingIAS 1: what goes where in a full set of statements