Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966 ***** I just need the answer prepared in journal entry to reconcile the bank reconciliation ONLY

Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966 ***** I just need the answer prepared in journal entry to reconcile the bank reconciliation ONLY

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 balance: $7,651
Book balance: $10,595
Deposits in transit: $2,588
Outstanding checks: $489
Interest income: $121
NSF check: $966

***** I just need the answer prepared in journal entry to reconcile the bank reconciliation ONLY please. Thank you!!

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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