Chesner Co. Bank Reconciliation July 31,20Y4 Cash balance according to company's records $18,520 Adjustments: Outstanding checks $ 4,780 Error by Chesner Co. in recording Check 90 No. 1056 as $875 instead of $785 Note for $ 15.000 collected by bank, including 15,600 interest Deposit in transit on July 31 (11,300) Bank service charges (45) Total adjustments 9,125 Cash balance according to bank statement $27,645
Chesner Co. Bank Reconciliation July 31,20Y4 Cash balance according to company's records $18,520 Adjustments: Outstanding checks $ 4,780 Error by Chesner Co. in recording Check 90 No. 1056 as $875 instead of $785 Note for $ 15.000 collected by bank, including 15,600 interest Deposit in transit on July 31 (11,300) Bank service charges (45) Total adjustments 9,125 Cash balance according to bank statement $27,645
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Bank reconciliation
An accounting clerk for Chesner Co. prepared the following bank reconciliation:
Refer to the image attached
a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the formal shown in the Let’s Review section.
b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?
Transcribed Image Text:Chesner Co. Bank Reconciliation July 31,20Y4
Cash balance according to company's records
$18,520
Adjustments:
Outstanding checks
$ 4,780
Error by Chesner Co. in recording Check
90
No. 1056 as $875 instead of $785
Note for $ 15.000 collected by bank, including
15,600
interest
Deposit in transit on July 31
(11,300)
Bank service charges
(45)
Total adjustments
9,125
Cash balance according to bank statement
$27,645
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