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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare a bank reconciliation statement
![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
Outstanding checks (cheques)
Bank error (deposit understated)
44,700
129,478
10,000
NSF Check (cheque) from customer debited to account by bank (separate
notification not received from bank)
2,300
Service charges for December
75
Error on books (check (cheque) written to pay account payable recorded at
300 but written for only 30)
270
Balance in books
13,506](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdb679285-ebe8-4980-999f-4761f81591d8%2F63c44dd4-1595-49dd-a61a-54c0ba197a8f%2Fs1sx1qi_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Outstanding checks (cheques)
Bank error (deposit understated)
44,700
129,478
10,000
NSF Check (cheque) from customer debited to account by bank (separate
notification not received from bank)
2,300
Service charges for December
75
Error on books (check (cheque) written to pay account payable recorded at
300 but written for only 30)
270
Balance in books
13,506
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