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Question 415 Using the following information, prepare the bank reconciliation for Powers Company for May 31, 2013. • • • • The bank statement balance is $4,000. The cash account balance is $3,000. Outstanding checks totaled $1,500. Deposits in transit are $500. The bank service charge is $20. Interest reported on the bank statement was $10. A check for $10 was recorded as $100 in the ledger. An NSF check for $80 was returned with the statement.

Question 415 Using the following information, prepare the bank reconciliation for Powers Company for May 31, 2013. • • • • The bank statement balance is $4,000. The cash account balance is $3,000. Outstanding checks totaled $1,500. Deposits in transit are $500. The bank service charge is $20. Interest reported on the bank statement was $10. A check for $10 was recorded as $100 in the ledger. An NSF check for $80 was returned with the 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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Question 415 Using the following information, prepare the bank reconciliation for Powers Company for May 31, 2013. • • • • The bank statement balance is $4,000. The cash account balance is $3,000. Outstanding checks totaled $1,500. Deposits in transit are $500. The bank service charge is $20. Interest reported on the bank statement was $10. A check for $10 was recorded as $100 in the ledger. An NSF check for $80 was returned with the statement.
Transcribed Image Text:Question 415 Using the following information, prepare the bank reconciliation for Powers Company for May 31, 2013. • • • • The bank statement balance is $4,000. The cash account balance is $3,000. Outstanding checks totaled $1,500. Deposits in transit are $500. The bank service charge is $20. Interest reported on the bank statement was $10. A check for $10 was recorded as $100 in the ledger. An NSF check for $80 was returned with the statement.
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