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Bank Reconciliation Use the following information to prepare a bank reconciliation for Dylan Company at April 30: $6,042.10 1 Balance per Cash account, April 30. 2 Balance per bank statement, April 30. $6,428.28 3 Deposits not reflected on bank statement. $575 4 Outstanding checks, April 30. $1,340.18 5 Service charge on bank statement not recorded in books. $19 6 Error by bank-Dillard Company check charged on Dylan Company's bank statement. $450 7 Check for advertising expense $230 incorrectly recorded in books as $320 Note: Do not round answers - enter using two decimal places, when needed. DYLAN COMPANY Bank Reconciliation April 30 $ Balance from general ledger Add: Check for Add: $ Add: Bank error- Dillard Company check recorded as $ Less: → → charged against Dillon Company's account + + $ Less: LA LA <> + $ LA LA

Bank Reconciliation Use the following information to prepare a bank reconciliation for Dylan Company at April 30: $6,042.10 1 Balance per Cash account, April 30. 2 Balance per bank statement, April 30. $6,428.28 3 Deposits not reflected on bank statement. $575 4 Outstanding checks, April 30. $1,340.18 5 Service charge on bank statement not recorded in books. $19 6 Error by bank-Dillard Company check charged on Dylan Company's bank statement. $450 7 Check for advertising expense $230 incorrectly recorded in books as $320 Note: Do not round answers - enter using two decimal places, when needed. DYLAN COMPANY Bank Reconciliation April 30 $ Balance from general ledger Add: Check for Add: $ Add: Bank error- Dillard Company check recorded as $ Less: → → charged against Dillon Company's account + + $ Less: LA LA <> + $ LA LA

FINANCIAL ACCOUNTING
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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Use the following information to prepare a bank reconciliation for Dylan company at April 30. Do not round answers- enter using two decimal places when needed. The shaded light blue blank spaces options are: deposits not credited by bank, ending balance from bank statement, outstanding checks, service charge, reconciled cash balance.
### Bank Reconciliation Process **Dylan Connor** **Bank Reconciliation** The following items are essential components in the bank reconciliation process: 1. **Deposits not credited by bank** 2. **Ending Balance from bank statement** 3. **Outstanding checks** 4. **Service charge** 5. **Reconciled cash balance** To ensure accurate financial records, it is essential to compare the bank statement with the company's ledger. This process helps in identifying discrepancies such as deposits not yet credited by the bank, outstanding checks, and any service charges imposed by the bank. Finally, it helps to determine the reconciled cash balance. In the diagram, the cursor is shown selecting one of these components, suggesting interaction with digital banking or accounting software. The list of items appears in a dropdown menu, indicating a step-by-step approach to reconcile the bank statement with the company's financial records. Each item will likely require user input of specific numeric values to complete the reconciliation process accurately.
Transcribed Image Text:### Bank Reconciliation Process **Dylan Connor** **Bank Reconciliation** The following items are essential components in the bank reconciliation process: 1. **Deposits not credited by bank** 2. **Ending Balance from bank statement** 3. **Outstanding checks** 4. **Service charge** 5. **Reconciled cash balance** To ensure accurate financial records, it is essential to compare the bank statement with the company's ledger. This process helps in identifying discrepancies such as deposits not yet credited by the bank, outstanding checks, and any service charges imposed by the bank. Finally, it helps to determine the reconciled cash balance. In the diagram, the cursor is shown selecting one of these components, suggesting interaction with digital banking or accounting software. The list of items appears in a dropdown menu, indicating a step-by-step approach to reconcile the bank statement with the company's financial records. Each item will likely require user input of specific numeric values to complete the reconciliation process accurately.
**Bank Reconciliation Guide** **Objective:** Use the following information to prepare a bank reconciliation for Dylan Company as of April 30: 1. **Balance per Cash account, April 30**: $6,042.10 2. **Balance per bank statement, April 30**: $6,428.28 3. **Deposits not reflected on bank statement**: $575 4. **Outstanding checks, April 30**: $1,340.18 5. **Service charge on bank statement not recorded in books**: $19 6. **Error by bank - Dillard Company check charged on Dylan Company's bank statement**: $450 7. **Check for advertising expense incorrectly recorded in books as**: $320 **Note:** Do not round answers - enter using two decimal places when needed. **Bank Reconciliation Template:** Below is the template to be used for Dylan Company's bank reconciliation as of April 30: | **DYLAN COMPANY** | **Bank Reconciliation** | **April 30** | |---|---|---| | | $ | Balance from general ledger | $ | | Add: | $ | Add: Check for | $ | | | $ | recorded as | $ | | Less: | $ | Less: | $ | **Explanation of Graphs and Diagrams:** - The first section provides the detailed items required for reconciling the bank statement, including the various balances, deposits, outstanding checks, service charges, banking errors, and misrecorded checks. - The lower part of the image shows a structured table where balance adjustments will be recorded. Ensure to fill in the relevant amounts where indicated by "$" and provide narrative descriptions where necessary (such as adding the bank error). By systematically adjusting both the cash account balance and the bank statement balance to account for discrepancies and errors, this reconciliation ensures accurate financial records for Dylan Company.
Transcribed Image Text:**Bank Reconciliation Guide** **Objective:** Use the following information to prepare a bank reconciliation for Dylan Company as of April 30: 1. **Balance per Cash account, April 30**: $6,042.10 2. **Balance per bank statement, April 30**: $6,428.28 3. **Deposits not reflected on bank statement**: $575 4. **Outstanding checks, April 30**: $1,340.18 5. **Service charge on bank statement not recorded in books**: $19 6. **Error by bank - Dillard Company check charged on Dylan Company's bank statement**: $450 7. **Check for advertising expense incorrectly recorded in books as**: $320 **Note:** Do not round answers - enter using two decimal places when needed. **Bank Reconciliation Template:** Below is the template to be used for Dylan Company's bank reconciliation as of April 30: | **DYLAN COMPANY** | **Bank Reconciliation** | **April 30** | |---|---|---| | | $ | Balance from general ledger | $ | | Add: | $ | Add: Check for | $ | | | $ | recorded as | $ | | Less: | $ | Less: | $ | **Explanation of Graphs and Diagrams:** - The first section provides the detailed items required for reconciling the bank statement, including the various balances, deposits, outstanding checks, service charges, banking errors, and misrecorded checks. - The lower part of the image shows a structured table where balance adjustments will be recorded. Ensure to fill in the relevant amounts where indicated by "$" and provide narrative descriptions where necessary (such as adding the bank error). By systematically adjusting both the cash account balance and the bank statement balance to account for discrepancies and errors, this reconciliation ensures accurate financial records for Dylan Company.
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