Bank Reconciliation Tiny Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement indicated the following Balance, beginning of the month $15,640 Service charge for October 65 Interest earned during October 80 NSF check from Green Corp. (deposited by Tiny) for goods purchased on account 615 Note ($2,500) and interest ($75) collected for Tiny from a customer 2,575 An analysis of canceled checks and deposits and the records of Tiny revealed the following items: Checking account balance per Tiny's books $12,951 Outstanding checks as of October 31 1,410 Deposit in transit at October 31 750 Error in recording a check issued by Tiny. (Correct amount of the check is $606, but was recorded as a cash disbursement of $660. The check was issued to pay for merchandise originally purchased on account). 54 1. Prepare a bank reconciliation at October 31, 2019, in proper form.

Bank Reconciliation Tiny Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement indicated the following Balance, beginning of the month $15,640 Service charge for October 65 Interest earned during October 80 NSF check from Green Corp. (deposited by Tiny) for goods purchased on account 615 Note ($2,500) and interest ($75) collected for Tiny from a customer 2,575 An analysis of canceled checks and deposits and the records of Tiny revealed the following items: Checking account balance per Tiny's books $12,951 Outstanding checks as of October 31 1,410 Deposit in transit at October 31 750 Error in recording a check issued by Tiny. (Correct amount of the check is $606, but was recorded as a cash disbursement of $660. The check was issued to pay for merchandise originally purchased on account). 54 1. Prepare a bank reconciliation at October 31, 2019, in proper form.

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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