**Bank Reconciliation:**Complete the bank reconciliation and determine the adjusted book and bank balance for the month of October 2020 for The Balancers Inc. Use the information below.**Include your bank recon in your PDF upload!!**1. The balance on the 10/31 bank statement is $8,000. The balance in the book general ledger for the checking account is $12,500.2. There were $7,886 in outstanding checks that had not cleared the bank by the end of the month.3. There was a bank fee of $125 charged on the bank statement that has not been recorded by The Balancers.4. A customer payment towards AR was returned by the bank as NSF (non-sufficient funds) in the amount of $3,279. The Balancers, Inc. did not know about this NSF before receiving the bank statement.5. Check #9876 cleared the bank in the correct amount of $635, but was incorrectly entered into the accounting system as $653. The check was for rent for October.6. A deposit totaling $9,000 from sales activities on 10/31 was recorded in the accounting system but not brought to the bank until 11/1.

Solution: Balancers Inc Bank Reconciliation - October 31 Bank's Cash balance Company's cash…

Include your bank recon in your PDF upload!! 1. The balance on the 10/31 bank statement is $8,000. The balance i the book general ledger for the checking account is $12,500. 2. There were $7,886 in outstanding checks that had not cleared the bank by the end of the month. 3. The was a bank fee of $125 charged on the bank statement that ha not been recorded by The Balancers. 4. A customer payment towards AR was returned by the bank as NSF (non sufficient funds) in the amount of $3,279. The Balancers, Inc dī not know about this NSF before receiving the bank statement. 5. Check #9876 cleared the bank in the correct amount of $635, but W incorrectly entered into the accounting system as $653. The check was for rent for October. 6. A deposit totaling $9,000 from sales activities on 10/31 was recorde in the accounting system but not brought to the bank until 11/1.

Include your bank recon in your PDF upload!! 1. The balance on the 10/31 bank statement is $8,000. The balance i the book general ledger for the checking account is $12,500. 2. There were $7,886 in outstanding checks that had not cleared the bank by the end of the month. 3. The was a bank fee of $125 charged on the bank statement that ha not been recorded by The Balancers. 4. A customer payment towards AR was returned by the bank as NSF (non sufficient funds) in the amount of $3,279. The Balancers, Inc dī not know about this NSF before receiving the bank statement. 5. Check #9876 cleared the bank in the correct amount of $635, but W incorrectly entered into the accounting system as $653. The check was for rent for October. 6. A deposit totaling $9,000 from sales activities on 10/31 was recorde in the accounting system but not brought to the bank until 11/1.

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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On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
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