EX 8-18 Bank reconciliation OBJ. S V Adjusted balance: The following data were accumulated for use in reconciling the bank account of Nakajima $50,240 Co. for July: 1. Cash balance acording to the company's records at July 31, $49,910. 2. Cash balance according to the bank statement at July 31, $48,250. 3. Checks outstanding, $4,160. 4. Deposit in transit, not recorded by bank, $6,450. 5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30. SHOW ME HOW a. Prepare a bank reconciliation, using the format shown in Exhibit 12. b. If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)?

EX 8-18 Bank reconciliation OBJ. S V Adjusted balance: The following data were accumulated for use in reconciling the bank account of Nakajima $50,240 Co. for July: 1. Cash balance acording to the company's records at July 31, $49,910. 2. Cash balance according to the bank statement at July 31, $48,250. 3. Checks outstanding, $4,160. 4. Deposit in transit, not recorded by bank, $6,450. 5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30. SHOW ME HOW a. Prepare a bank reconciliation, using the format shown in Exhibit 12. b. If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)?

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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