a. Balance per bank statement, RO 8000 b. Balance per books, RO 7200 c. Interest earned on checking account, RO 800 d. Outstanding checks, RO1200 e. NSF check from Mr. Ahmad, RO 185 f. Deposits in transit, RO 2600 g. Bank charged us a check we did not write, RO 500 h. Monthly bank charges, RO 15 i. Error on the books regarding check number 251 – recorded as RO 1000 instead of as RO 300. The debit was to Salary Expense. j. Forgot to record a deposit on the books for RO 600 k. Bank acted as our agent to collect note of RO 800

a. Balance per bank statement, RO 8000 b. Balance per books, RO 7200 c. Interest earned on checking account, RO 800 d. Outstanding checks, RO1200 e. NSF check from Mr. Ahmad, RO 185 f. Deposits in transit, RO 2600 g. Bank charged us a check we did not write, RO 500 h. Monthly bank charges, RO 15 i. Error on the books regarding check number 251 – recorded as RO 1000 instead of as RO 300. The debit was to Salary Expense. j. Forgot to record a deposit on the books for RO 600 k. Bank acted as our agent to collect note of RO 800

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

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Q2: Use the following information to prepare a bank reconciliation. Then, make journal
entries appropriately.
a. Balance per bank statement, RO 8000
b. Balance per books, RO 7200
c. Interest earned on checking account, RO 800
d. Outstanding checks, RO1200
e. NSF check from Mr. Ahmad, RO 185
f. Deposits in transit, RO 2600
g. Bank charged us a check we did not write, RO 500
h. Monthly bank charges, RO 15
i. Error on the books regarding check number 251 – recorded as RO 1000 instead
of as RO 300. The debit was to Salary Expense.
j. Forgot to record a deposit on the books for RO 600
k. Bank acted as our agent to collect note of RO 800

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