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In June 30, 2023, ABC Company has the following information (Amounts in Saudi Riyal) Bank statement indicated a balance of 100,000 The cash general ledger account on that date shows a balance of 120,000 The ABC's accountant provided Additional information necessary for preparing the ABC's reconciliation statement: • A 10,000 check sent to the bank for deposit but has not yet reached the bank at the statement date. The bank returned a customer's NSF check for 26,000 received as payment on account receivable. A 500 deposit by Z. Company was erroneously credited to ABC account by the bank. The bank statement showed 500 interest earned during June. Outstanding checks totalled 15,000. . . . . Required: a. Prepare a June 30 bank reconciliation statement for ABC Company. Brenare adiusting entries

In June 30, 2023, ABC Company has the following information (Amounts in Saudi Riyal) Bank statement indicated a balance of 100,000 The cash general ledger account on that date shows a balance of 120,000 The ABC's accountant provided Additional information necessary for preparing the ABC's reconciliation statement: • A 10,000 check sent to the bank for deposit but has not yet reached the bank at the statement date. The bank returned a customer's NSF check for 26,000 received as payment on account receivable. A 500 deposit by Z. Company was erroneously credited to ABC account by the bank. The bank statement showed 500 interest earned during June. Outstanding checks totalled 15,000. . . . . Required: a. Prepare a June 30 bank reconciliation statement for ABC Company. Brenare adiusting entries

FINANCIAL ACCOUNTING
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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In June 30, 2023, ABC Company has the following information (Amounts in Saudi Riyal) Bank statement indicated a balance of 100,000 The cash general ledger account on that date shows a balance of 120,000 The ABC's accountant provided Additional information necessary for preparing the ABC's reconciliation statement: A 10,000 check sent to the bank for deposit but has not yet reached the bank at the statement date. The bank returned a customer's NSF check for 26,000 received as payment on account receivable. • A 500 deposit by Z. Company was erroneously credited to ABC account by the bank. The bank statement showed 500 interest earned during June. • Outstanding checks totalled 15,000. Required: a. Prepare a June 30 bank reconciliation statement for ABC Company. b. Prepare adjusting entries . . .
Transcribed Image Text:In June 30, 2023, ABC Company has the following information (Amounts in Saudi Riyal) Bank statement indicated a balance of 100,000 The cash general ledger account on that date shows a balance of 120,000 The ABC's accountant provided Additional information necessary for preparing the ABC's reconciliation statement: A 10,000 check sent to the bank for deposit but has not yet reached the bank at the statement date. The bank returned a customer's NSF check for 26,000 received as payment on account receivable. • A 500 deposit by Z. Company was erroneously credited to ABC account by the bank. The bank statement showed 500 interest earned during June. • Outstanding checks totalled 15,000. Required: a. Prepare a June 30 bank reconciliation statement for ABC Company. b. Prepare adjusting entries . . .
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