Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $11,100 Add: Outstanding checks $3,585 Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590 360 Note for $12,000 collected by bank, including interest 12,480 16,425 $27,525 Deduct: Deposit in transit on August 31 $7,200 Bank service charges 25 7,225 Cash balance according to bank statement $20,300 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Exhibit 12. Chesner Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance
Bank Reconciliation
An accounting clerk for Chesner Co. prepared the following bank reconciliation:
Chesner Co.
Bank Reconciliation
|
August 31 |
||
|
Cash balance according to company's records |
|
$11,100 |
|
Add: Outstanding checks |
$3,585 |
|
|
Error by Chesner Co. in recording Check |
|
|
|
No. 1056 as $950 instead of $590 |
360 |
|
|
Note for $12,000 collected by bank, including interest |
12,480 |
16,425 |
|
|
|
$27,525 |
|
Deduct: Deposit in transit on August 31 |
$7,200 |
|
|
Bank service charges |
25 |
7,225 |
|
Cash balance according to bank statement |
|
$20,300 |
a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Exhibit 12.
Chesner Co.
Bank Reconciliation
August 31
Cash balance according to bank statement
Adjusted balance
Cash balance according to company's records
Adjusted balance
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