Bank reconciliationThe following data were gathered to use in reconciling the bank account of Reddan Company:Balance per bank$ 17,050Balance per company records8,800Bank service charges30Deposit in transit3,950Note collected by bank with $120 interest4,800Outstanding checks7,430a. What is the adjusted balance on the bank reconciliation?b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.

Bank reconciliation is the process of comparing a company's internal financial records with the…

a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.

a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.

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

Bank reconciliation
The following data were gathered to use in reconciling the bank account of Reddan Company:
Balance per bank
$ 17,050
Balance per company records
8,800
Bank service charges
30
Deposit in transit
3,950
Note collected by bank with $120 interest
4,800
Outstanding checks
7,430
a. What is the adjusted balance on the bank reconciliation?
b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.

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