B16 Illinois Company prepared the following bank reconciliation at May 31: Balance per bank £5,690 | Balance per books £6,195 Additions: Additions: Deposits in transit Check incorrectly charged to 460 Interest Received from bank 450 15 our bank balance Deductions: Deductions: (236) NSF check (Nelson) Bank service charges £5,929 | Correct cash balance (650) (66) £5,929 Outstanding checks Correct cash balance NOTE: NSF, non-sufficient fund check. Required: Prepare the necessary journal entries for Illinois Company required by the May 31 bank reconciliation.

B16 Illinois Company prepared the following bank reconciliation at May 31: Balance per bank £5,690 | Balance per books £6,195 Additions: Additions: Deposits in transit Check incorrectly charged to 460 Interest Received from bank 450 15 our bank balance Deductions: Deductions: (236) NSF check (Nelson) Bank service charges £5,929 | Correct cash balance (650) (66) £5,929 Outstanding checks Correct cash balance NOTE: NSF, non-sufficient fund check. Required: Prepare the necessary journal entries for Illinois Company required by the May 31 bank reconciliation.

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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An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $7,150 Adjustments: Outstanding checks $3,430 Error by Chesner Co. in recording Check No. 1056 as $830 instead of $380 450 Note for $11,200 collected by bank, including interest 11,650 Deposit in transit on July 31 (7,280) Bank service charges (40) Total adjustments 8,210 Cash balance according to bank statement $15,360 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank acc4df036010fde_1 fill in the…
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