1) The "I am Definitely Switching My Major to Accounting Company" received its bankstatement for the month ended October 31, 2023. To prepare the bank reconciliation$22do you gather the following data:- a) The balance per the bank statement is $16,292b) The checkbook balance is $15,650c)The bank statement shows an NSF Check from one of the company's customers in theamount of $895.00d)There is a bank service charge of $45.00 on the bank statemente) Outstanding checks total $847.00 and deposits in transit total $1416.00f) The bank statement shows collection of a note receivable in the amount of $2000 plusinterest of $200.00 less a bank fee of $49.00Required:Prepare a bank reconciliation using the above information

Lets understand the basics.Bank reconciliation statement is a statement which reconcile the balance…

1) The "I am Definitely Switching My Major to Accounting Company" received its bank statement for the month ended October 31, 2023. To prepare the bank reconciliation you gather the following data: - a) - b) - c) - d) - e) f) The balance per the bank statement is $16,292 The checkbook balance is $15,650 The bank statement shows an NSF Check from one of the company's customers in the amount of $895.00 There is a bank service charge of $45.00 on the bank statement Outstanding checks total $847.00 and deposits in transit total $1416.00 The bank statement shows collection of a note receivable in the amount of $2000 plus interest of $200.00 less a bank fee of $49.00 quired:

1) The "I am Definitely Switching My Major to Accounting Company" received its bank statement for the month ended October 31, 2023. To prepare the bank reconciliation you gather the following data: - a) - b) - c) - d) - e) f) The balance per the bank statement is $16,292 The checkbook balance is $15,650 The bank statement shows an NSF Check from one of the company's customers in the amount of $895.00 There is a bank service charge of $45.00 on the bank statement Outstanding checks total $847.00 and deposits in transit total $1416.00 The bank statement shows collection of a note receivable in the amount of $2000 plus interest of $200.00 less a bank fee of $49.00 quired:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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