Using the following information, prepare the journal entries to reconcile the bank statement.Bank balance: $6,888Book balance: $8,700Deposits in transit: $1,716Outstanding checks: $599 and $1,623Bank service charges: $75Bank incorrectly charged the account $75. The bank will correct the error next month.Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense.If an amount box does not require an entry, leave it blank.

Bank reconciliation : Adjustments to bank statement balance : Bank balance = $6,888 Add : Deposit…

Answered: sing the following information, prepare…

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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Using the following information, prepare the journal entries to reconcile the bank statement.

Bank balance: $6,888
Book balance: $8,700
Deposits in transit: $1,716
Outstanding checks: $599 and $1,623
Bank service charges: $75
Bank incorrectly charged the account $75. The bank will correct the error next month.
Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense.

If an amount box does not require an entry, leave it blank.

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