Prepare a bank reconciliation statement Activity 3Upon receipt of the bank statement dated December 31, 2019, for the checking accountin the First National Bank, the accountant for the Mi Company began the reconciliationprocess. The deposit slips and canceled checks (cheques) were compared with the records.Bank balance 12/31/x186,179Deposit in transitOutstanding checks (cheques)Bank error (deposit understated)44,700129,47810,000NSF Check (cheque) from customer debited to account by bank (separatenotification not received from bank)2,300Service charges for December75Error on books (check (cheque) written to pay account payable recorded at300 but written for only 30)270Balance in books13,506

Bank Reconciliation statement is the statement which is prepared to reconcile the balance as per…

Activity 3 Upon receipt of the bank statement dated December 31, 2019, for the checking account in the First National Bank, the accountant for the Mi Company began the reconciliation process. The deposit slips and canceled checks (cheques) were compared with the records. Bank balance 12/31/x1 86,179 Deposit in transit 44,700 Outstanding checks (cheques) 129,478 Bank error (deposit understated) 10,000 NSF Check (cheque) from customer debited to account by bank (separate notification not received from bank) 2,300 Service charges for December Error on books (check (cheque) written to pay account payable recorded at 300 but written for only 30) 75 270 Balance in books 13,506

Activity 3 Upon receipt of the bank statement dated December 31, 2019, for the checking account in the First National Bank, the accountant for the Mi Company began the reconciliation process. The deposit slips and canceled checks (cheques) were compared with the records. Bank balance 12/31/x1 86,179 Deposit in transit 44,700 Outstanding checks (cheques) 129,478 Bank error (deposit understated) 10,000 NSF Check (cheque) from customer debited to account by bank (separate notification not received from bank) 2,300 Service charges for December Error on books (check (cheque) written to pay account payable recorded at 300 but written for only 30) 75 270 Balance in books 13,506

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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