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Prepare a bank reconciliation statement.

Prepare a bank reconciliation statement.

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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8:26 PM Mon Nov 22 O 1 73% 32 Zoom v •.. Leave Unmute Start Video Share Content Participants More 02:57:50 W AutoSave Document1 - Word P Search (Alt+Q) Mahrukh Chaudhary MC ff File Home Insert Draw Design Layout References Mailings Review View Help P Comments S Share P Find Calibri (Body) - A A Aa - As 三、三、i。 处T v 11 Normal No Spacing Heading 1 & Replace Paste В I U v ab x, x A 三。 Dictate Editor A Select - Undo Clipboard Font Paragraph Styles Editing Voice Editor RENEW YOUR SUBSCRIPTION To keep using your Office applications without interruption, please renew by December 5, 2021. Buy Remind Me Later Practice Question 2 Consider the following transactions for the company of Powell Corporation, a small company located in the Northern Vancouver 1)After all the posting is up to date the statement shows the cash balance (book balance) of $32760 and the bank statement (bank) shows the balance of the $77040. 2) Check 5523 for 9620 and 6547 for $10000 are outstanding. 3) Check 5386 for $2,000 is removed from the bank account correctly but is recorded on the accounting records for $1,760. This was in payment of dues. The effects of this transaction resulted in an error of $320 that must be deducted from the company's book balance 4) The July 31 night deposit of $34,300 was delivered to the bank after hours. As a result, the deposit is not on the bank statement, but it is on the financial records. 5)Upon review of the bank statement, an error is uncovered. A check is removed from the account from Brady for $240 that should have been removed from the account of another customer of the bank. 6) A collection of 60000 in notes receivable is submitted into the bank but has not been reflecting in the cash book. The 60000 includes the interest of 3000. 7) The bank notified Powell corporation that a cheque worth of 2200 was returned due to the NSF. This cheque is reflected in the bank statement but not on the cash book balance. 8) Bank service charges for the month are 80. They have been debited on the bank statement but are not reflecting in the cash book balance. Prepare a bank reconciliation statement. Page 1 of 1 365 words English (Canada) O Focus 100% < > >
Transcribed Image Text:8:26 PM Mon Nov 22 O 1 73% 32 Zoom v •.. Leave Unmute Start Video Share Content Participants More 02:57:50 W AutoSave Document1 - Word P Search (Alt+Q) Mahrukh Chaudhary MC ff File Home Insert Draw Design Layout References Mailings Review View Help P Comments S Share P Find Calibri (Body) - A A Aa - As 三、三、i。 处T v 11 Normal No Spacing Heading 1 & Replace Paste В I U v ab x, x A 三。 Dictate Editor A Select - Undo Clipboard Font Paragraph Styles Editing Voice Editor RENEW YOUR SUBSCRIPTION To keep using your Office applications without interruption, please renew by December 5, 2021. Buy Remind Me Later Practice Question 2 Consider the following transactions for the company of Powell Corporation, a small company located in the Northern Vancouver 1)After all the posting is up to date the statement shows the cash balance (book balance) of $32760 and the bank statement (bank) shows the balance of the $77040. 2) Check 5523 for 9620 and 6547 for $10000 are outstanding. 3) Check 5386 for $2,000 is removed from the bank account correctly but is recorded on the accounting records for $1,760. This was in payment of dues. The effects of this transaction resulted in an error of $320 that must be deducted from the company's book balance 4) The July 31 night deposit of $34,300 was delivered to the bank after hours. As a result, the deposit is not on the bank statement, but it is on the financial records. 5)Upon review of the bank statement, an error is uncovered. A check is removed from the account from Brady for $240 that should have been removed from the account of another customer of the bank. 6) A collection of 60000 in notes receivable is submitted into the bank but has not been reflecting in the cash book. The 60000 includes the interest of 3000. 7) The bank notified Powell corporation that a cheque worth of 2200 was returned due to the NSF. This cheque is reflected in the bank statement but not on the cash book balance. 8) Bank service charges for the month are 80. They have been debited on the bank statement but are not reflecting in the cash book balance. Prepare a bank reconciliation statement. Page 1 of 1 365 words English (Canada) O Focus 100% < > >
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