Nolan Company's cash account shows a $26,426 debit balance, and its bank statement shows $25,694 on deposit at the close of business on June 30.a. Outstanding checks as of June 30 total $2,907.b. The June 30 bank statement lists $32 in bank service charges; the company has not yet recorded the cost of these services.c. In reviewing the bank statement, an $80 check written by the company was mistakenly recorded in the company's books as $89.d. June 30 cash receipts of $3,656 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.e. The bank statement included a $40 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned.Prepare a bank reconciliation using the above information.**NOLAN COMPANY****Bank Reconciliation**June 30| Bank statement balance | | Book balance | ||------------------------|-------------------------|------------------------|-------------------------|| Add: | | Add: | || | | | || | | | || Deduct: | | Deduct: | || | | | || | | | || Adjusted bank balance | | Adjusted book balance | |**Table Explanation:**- The table is divided into two main columns: "Bank statement balance" and "Book balance."- Each column has sections for "Add" and "Deduct" entries.- The final row in each column is for the "Adjusted bank balance" and "Adjusted book balance," respectively.This table is used to reconcile any discrepancies between the bank statement and company records by adjusting for outstanding checks, unrecorded transactions, and errors.

Answer : Bank reconciliation : Particular Amount Particular Amount Bank statement balance…

Answered: ecks as of June 30 total $2,9 nk…

ecks as of June 30 total $2,9 nk statement lists $32 in ban e bank statement, a $80 chec eceipts of $3,656 were place ent. ment included a $40 credit fo -st earned.

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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hsl.6
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