## Bank Reconciliation for Del Gato Clinic### OverviewDel Gato Clinic's cash account shows a $15,050 debit balance, while its bank statement reflects $14,255 on deposit as of June 30. Below are the details required for reconciliation:1. **Outstanding Checks**: As of June 30, they total $1,702.2. **Bank Service Charge**: The June 30 bank statement includes a $70 charge.3. **Check No. 919 Error**: Listed among canceled checks, it was recorded as $389 for a utility bill payment on June 15. Del Gato Clinic mistakenly recorded this with a debit to Utilities Expense and a credit to Cash for $398.4. **Unrecorded Cash Receipts**: June 30 saw $2,436 deposited after hours, not appearing on the bank statement.### Bank Reconciliation ProcessThe following table outlines the reconciliation steps necessary for adjustments:#### Initial Balances on June 30- **Bank Statement Balance**: - **Book Balance**: #### Additions- **Adjustments to Add**: - (Details of adjustments added here based on the data provided.)#### Deductions- **Items to Deduct**: - (Details of adjustments deducted here based on the data provided.)#### Adjusted Balances- **Adjusted Bank Balance**: - **Adjusted Book Balance**: This structured approach ensures that Del Gato Clinic accurately aligns its records with the bank's statement, accounting for discrepancies and providing a clear financial picture.

Lets understand the basics. Bank reconciliation statement is a statement which shows the reason…

Del Gato Clinic's cash account shows an $15,050 debit balance and its bank statement shows $14,255 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $1,702. b. The June 30 bank statement lists a $70 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,436 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.

Del Gato Clinic's cash account shows an $15,050 debit balance and its bank statement shows $14,255 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $1,702. b. The June 30 bank statement lists a $70 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,436 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.

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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