Required informationUse the following information for the Exercises 12-13 below. (Algo)[The following information applies to the questions displayed below.]Del Gato Clinic's cash account shows an $16,473 debit balance and its bank statement shows $15,762 on deposit at theclose of business on June 30.a. Outstanding checks as of June 30 total $2,180.b. The June 30 bank statement lists a $70 bank service charge.c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. DelGato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498.d. The June 30 cash receipts of $2,830 were placed in the bank's night depository after banking hours and were notrecorded on the June 30 bank statement.Exercise 6-12 (Algo) Bank reconciliation LO P3Prepare its bank reconciliation using the above information.Bank statement balanceAdd:Deduct:Adjusted bank balanceDEL GATO CLINICBank ReconciliationJune 30Book balanceAdd:Deduct:Adjusted book balance

Bank reconciliation statement A bank reconciliation statement refers to the summary of the bank and business accounts that reconciles a company's bank account with its financial statement. The statement includes a record of all the deposits, withdrawals and other financial activities with a bank by a company. DEL GATO CLINIC Bank reconciliation June - 30 Amount ($) Amount ($) Bank statement balance $15762 Book balance $16473 Add :- Add: Deposit in transit $2830 Correction of recording check no 919 $9 $18592 ($498-489) $16482 Deduct: Deduct: Outstanding check ($2180) Bank service charge ($70) Adjusted bank balance $16412 Adjusted book balance $16412

Business

Accounting

Required information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $16,473 debit balance and its bank statement shows $15,762 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,180. b. The June 30 bank statement lists a $70 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. De Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498. d. The June 30 cash receipts of $2,830 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 (Algo) Bank reconciliation LO P3 Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct: Adjusted book balance

Required information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $16,473 debit balance and its bank statement shows $15,762 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,180. b. The June 30 bank statement lists a $70 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. De Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498. d. The June 30 cash receipts of $2,830 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 (Algo) Bank reconciliation LO P3 Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct: Adjusted book balance

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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