Prepare a bank reconciliation using the following information: Balance per Bank – 1/31 $4,250 Balance per Book – 1/31 $2,875 Bank service change $150 Outstanding checks $3,150 NSF Check $1,200 Deposit in transit $500 Interest income $75

Prepare a bank reconciliation using the following information: Balance per Bank – 1/31 $4,250 Balance per Book – 1/31 $2,875 Bank service change $150 Outstanding checks $3,150 NSF Check $1,200 Deposit in transit $500 Interest income $75

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Prepare a bank reconciliation using the following information:

Balance per Bank – 1/31 $4,250

Balance per Book – 1/31 $2,875

Bank service change $150

Outstanding checks $3,150

NSF Check $1,200

Deposit in transit $500

Interest income $75

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