Problem 1 - Prepare a bank reconciliation The following information relates to M Park Corporation for the month of March 2022: 1. Cash balance per books, March 31 was $20,647.00 2. Deposits in transit, March 31 were $8140.00 3. The March bank service charge was $34.00 and has not been recorded by the company. 4. Outstanding checks, March 31 were $3,905.00 5. An electronic funds transfer (EFT) collected by the bank was S590. The collection has not been recorded by M Park Corporation. 6. The bank made an error and recorded a $3,000 deposit twice. 7. Cash balance per bank, March 31 was $19,968.00 Purpose The purnose of this problem is to demonstrate an understanding of prenaring a bank reconciliation

Problem 1 - Prepare a bank reconciliation The following information relates to M Park Corporation for the month of March 2022: 1. Cash balance per books, March 31 was $20,647.00 2. Deposits in transit, March 31 were $8140.00 3. The March bank service charge was $34.00 and has not been recorded by the company. 4. Outstanding checks, March 31 were $3,905.00 5. An electronic funds transfer (EFT) collected by the bank was S590. The collection has not been recorded by M Park Corporation. 6. The bank made an error and recorded a $3,000 deposit twice. 7. Cash balance per bank, March 31 was $19,968.00 Purpose The purnose of this problem is to demonstrate an understanding of prenaring a bank reconciliation

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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