Prepare adjusting journal entries to reconcile the book and bank balances Step 1A bank reconciliation statement is prepared for reconciling the company's cash bookwith the bank statement.Step 2Bank Reconciliation StatementMs. Cherie EruelaAs of Feb 21ADateParticularsAmounts$292,15025/2 Closing balance as per bank statement15/2 Uncleared Payment(Alma Mae Pedrosa)19/2 Bank charges(DM)(35,000)2,85025/2 NSF20,00026/2 Uncleared payment(Lord Aguilar)29/2 Uncleared deposits(15,000)35.000$300,000Balance as per cash book

Bank Reconciliation Statement is a statement is prepared to correct the balance between cash balance…

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repare adjusting journal entries to reconcile the book and bank balances

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 adjusting journal entries to reconcile the book and bank balances

Step 1
A bank reconciliation statement is prepared for reconciling the company's cash book
with the bank statement.
Step 2
Bank Reconciliation Statement
Ms. Cherie Eruela
As of Feb 21A
Date
Particulars
Amounts
$292,150
25/2 Closing balance as per bank statement
15/2 Uncleared Payment(Alma Mae Pedrosa)
19/2 Bank charges(DM)
(35,000)
2,850
25/2 NSF
20,000
26/2 Uncleared payment(Lord Aguilar)
29/2 Uncleared deposits
(15,000)
35.000
$300,000
Balance as per cash book

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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