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 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285
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 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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.
Transcribed Image Text: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
6,000
750
20
25
26
3,500
250
EFT CC Youth Center
31
Interest Revenue
25
61,025
Checks and other debits
Ck# 100
250
2,000
5,000
1,000
4,000
750
Ck# 103
Ck# 102
Ck# 105
Ck# 106
Ck# 104
EFT to CC Utilities?
Bank service charge
Ending balance, January 31, 2021
500
50
13,550
$47.475
35706285
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