Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened onJanuary 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first monthof operations. The bank statement, dated January 31, 2021, is below:First City BankCumberland CityJanuary 31, 2021Beginning Balance, January 31Deposits and other creditsJan. 2$ 50,0005001015206,000tel:10%20500%2015%206,000253,50025026EFT CC Youth Center'31Interest Revenue2561,025Checks and other debitsJan. 3Ck# 100250Ck# 103Ck# 1022,0005,0001,0004,0007505710Ck# 10515Ck# 10620Ck# 104EFT to CC Utilities?Bank service chargeEnding balance, January 31, 202125500315013,550$47,475On the Excel worksheet are the T-accounts for Cash and other accounts need to record thebank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bankreconciliation, using formulas when possible.%24

Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 $ 0 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 20 tel:10%20500%2015%206,000 25 26 31 EFT CC Youth Center' Interest Revenue 3,500 250 25 61,025 Checks and other debits Jan. 3 5 Ck# 100 Ck# 103 250 2,000 5,000 1,000 4,000 750 500 50 7 Ck# 102 Ck# 105 10 15 Ck# 106 Ck# 104 20 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 25 31 13,550 $47,475 On the Excel worksheet are the T-accounts for Cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.

Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 $ 0 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 20 tel:10%20500%2015%206,000 25 26 31 EFT CC Youth Center' Interest Revenue 3,500 250 25 61,025 Checks and other debits Jan. 3 5 Ck# 100 Ck# 103 250 2,000 5,000 1,000 4,000 750 500 50 7 Ck# 102 Ck# 105 10 15 Ck# 106 Ck# 104 20 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 25 31 13,550 $47,475 On the Excel worksheet are the T-accounts for Cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on
January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month
of operations. The bank statement, dated January 31, 2021, is below:
First City Bank
Cumberland City
January 31, 2021
Beginning Balance, January 31
Deposits and other credits
Jan. 2
$ 50,000
500
10
15
20
6,000
tel:10%20500%2015%206,000
25
3,500
250
26
EFT CC Youth Center'
31
Interest Revenue
25
61,025
Checks and other debits
Jan. 3
Ck# 100
250
Ck# 103
Ck# 102
2,000
5,000
1,000
4,000
750
5
7
10
Ck# 105
15
Ck# 106
20
Ck# 104
EFT to CC Utilities?
Bank service charge
Ending balance, January 31, 2021
25
500
31
50
13,550
$47,475
On the Excel worksheet are the T-accounts for Cash and other accounts need to record the
bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank
reconciliation, using formulas when possible.
%24

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