Problem 3-7 (IAA)PAPARBedlam Company provided the following data for the monthof December:November 30 December 313,160,0002,900,0001,080,000Cash in bank account balanceBank statement balanceBank debitsBank creditsBook debitsBook creditsOutstanding checksDeposit in transitCheck erroneously charged bybank against entity's accountand corrected in subsequent monthBank service chargeNote recorded as cash receipt byentity when placed with bankn0for collection and note is actuallycollected by bank in subsequentmonth and credited by bank toentity's account in same month2,032,0001,890,0001,440,000180,00080,000e592,000498,00040,000 50,0002,0004,000200,000300,000Required:a. Prepare a four-column reconciliation showing adjustedbalances.b. Prepare one adjusting entry only on December 31.

Bedlam Company provided the following data for the month of December: November 30 December 31 Cash in bank account balance Bank statement balance Bank debits 3,160,000 2,900,000 1,080,000 2,032,000 1,890,000

Bedlam Company provided the following data for the month of December: November 30 December 31 Cash in bank account balance Bank statement balance Bank debits 3,160,000 2,900,000 1,080,000 2,032,000 1,890,000

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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