### Bank Reconciliation Example**Overview**: As of June 30, Year 2, the bank statement showed an ending balance of $17,806. The unadjusted Cash account balance was $16,167. The following information is available for reconciliation:1. **Deposit in transit**: $2,1952. **Credit memo in bank statement**: For interest earned in June, $143. **Outstanding check**: $3,8344. **Debit memo for service charge**: $14**Required Task**: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 2, using the preceding information. (Note: Negative amounts should be indicated with a minus sign.)#### Bank Reconciliation Table| Description | Amount ||--------------------------------------------|-----------|| Unadjusted bank balance 6/30/Year 2 | || (Add) Deposit in transit | || (Less) Outstanding check | || True cash balance 6/30/Year 2 | || Unadjusted book balance 6/30/Year 2 | || (Add) Credit memo for interest | || (Less) Debit memo for service charge | || True cash balance 6/30/Year 2 | |This example provides a practical approach to reconciling bank statements, ensuring that the adjusted balances match and discrepancies are accounted for systematically.

As of June 30, Year 2, the bank statement showed an ending balance of $17,806. The unadjusted Cash account balance was $16,167, The following information is available: 1. Deposit in transit, $2,195. 2. Credit memo in bank statement for interest earned in June, $14. 3. Outstanding check, $3,834. 4. Debit memo for service charge, $14. Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 2, using the preceding information. (Negative amounts should be indicated with minus sign.) Bank Reconciliation Unadjusted bank balance 6/30/Year 2 True cash balance 6/30/Year 2

As of June 30, Year 2, the bank statement showed an ending balance of $17,806. The unadjusted Cash account balance was $16,167, The following information is available: 1. Deposit in transit, $2,195. 2. Credit memo in bank statement for interest earned in June, $14. 3. Outstanding check, $3,834. 4. Debit memo for service charge, $14. Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 2, using the preceding information. (Negative amounts should be indicated with minus sign.) Bank Reconciliation Unadjusted bank balance 6/30/Year 2 True cash balance 6/30/Year 2

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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