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sing the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,393 Deposits in transit: $1,735 Outstanding checks: $579 and $1,523 Bank service charges: $25

sing the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,393 Deposits in transit: $1,735 Outstanding checks: $579 and $1,523 Bank service charges: $25

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

  • Bank balance: $6,788
  • Book balance: $8,393
  • Deposits in transit: $1,735
  • Outstanding checks: $579 and $1,523
  • Bank service charges: $25
  • Bank incorrectly charged the account $25. The bank will correct the error next month.
  • Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense.
Using the following information, prepare the journal entries to reconcile the bank statement. • Bank balance: $6,788 • Book balance: $8,393 • Deposits in transit: $1,735 Outstanding checks: $579 and $1,523 • Bank service charges: $25 • Bank incorrectly charged the account $25. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
Transcribed Image Text:Using the following information, prepare the journal entries to reconcile the bank statement. • Bank balance: $6,788 • Book balance: $8,393 • Deposits in transit: $1,735 Outstanding checks: $579 and $1,523 • Bank service charges: $25 • Bank incorrectly charged the account $25. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
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