EB 6. LO 8.6 The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 • Notes receivable collected by bank: $2,500; interest: $145 ● Outstanding checks: $987 • Error by bank: $436 . Bank charges: $70 Prepare the correcting journal entry.

EB 6. LO 8.6 The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 • Notes receivable collected by bank: $2,500; interest: $145 ● Outstanding checks: $987 • Error by bank: $436 . Bank charges: $70 Prepare the correcting journal entry.

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

EB 6. LO 8.6 The bank reconciliation shows the following adjustments.
Deposits in transit: $1,698
• Notes receivable collected by bank: $2,500; interest: $145
●
Outstanding checks: $987
• Error by bank: $436
• Bank charges: $70
Prepare the correcting journal entry.
.

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Bank Reconciliation The following data were gathered to use in reconciling the bank account of Azalea Company: Balance per bank $ 17,300 Balance per company records 9,455 Bank service charges 35 Deposit in transit 3,700 Note collected by bank with $100 interest 5,350 Outstanding checks 6,230 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Azalea Company based on the bank reconciliation. f an amount box does not require an entry, leave it blank. Cash Accounts Receivable Miscellaneous Expense Cash
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Using the following information, prepare a bank reconciliation. • Bank balance: $4,687 • Book balance: $5,690 • Deposits in transit: $1,546 • Outstanding checks: $956 • Interest income: $53 • NSF check: $466 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
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