EA 7.LO 8.6Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35 EA 8.LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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EA 7.LO 8.6Using the following information, prepare a bank reconciliation.
  • Bank balance: $3,678
  • Book balance: $2,547
  • Deposits in transit: $321
  • Outstanding checks: $108 and $334
  • Bank charges: $25
  • Notes receivable: $1,000; interest: $35
EA 8.LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.
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