1. Cash balance according to the company's records at August 31, $25,520. 2. Cash balance according to the bank statement at August 31, $26,850. 3. Checks outstanding, $5,180. 4. Deposit in transit, not recorded by bank, $4,160. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50.

1. Cash balance according to the company's records at August 31, $25,520. 2. Cash balance according to the bank statement at August 31, $26,850. 3. Checks outstanding, $5,180. 4. Deposit in transit, not recorded by bank, $4,160. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50.

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Show adjusted balances
1. Cash balance according to the company's records at August 31, $25,520.
2. Cash balance according to the bank statement at August 31, $26,850.
3. Checks outstanding, $5,180.
4. Deposit in transit, not recorded by bank, $4,160.
5. A check for $480 in payment of an account was erroneously recorded in the check register as $840.
6. Bank debit memo for service charges, $50.

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