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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

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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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?

 

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
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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