Homework Help is Here – Start Your Trial Now!
Business
Accounting
SMU Tax Services gathered the following information to prepare their bank reconciliation for the month of October, 2021    Cash Balance according to the bank statement at Oct. 31, 2021 = $11,935 Cash Balance according to the company’s records at Oct. 31, 2021 = $11,185 Deposits in transit at Oct. 31, 2021 = $1,125 Outstanding checks at Oct. 31, 2021 = $2,080 A deposit of $20 was incorrectly recorded by the company as $200 The bank assessed a service charge of $25

SMU Tax Services gathered the following information to prepare their bank reconciliation for the month of October, 2021    Cash Balance according to the bank statement at Oct. 31, 2021 = $11,935 Cash Balance according to the company’s records at Oct. 31, 2021 = $11,185 Deposits in transit at Oct. 31, 2021 = $1,125 Outstanding checks at Oct. 31, 2021 = $2,080 A deposit of $20 was incorrectly recorded by the company as $200 The bank assessed a service charge of $25

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

SMU Tax Services gathered the following information to prepare their bank reconciliation for the month of October, 2021 

 

  • Cash Balance according to the bank statement at Oct. 31, 2021 = $11,935
  • Cash Balance according to the company’s records at Oct. 31, 2021 = $11,185
  • Deposits in transit at Oct. 31, 2021 = $1,125
  • Outstanding checks at Oct. 31, 2021 = $2,080
  • A deposit of $20 was incorrectly recorded by the company as $200
  • The bank assessed a service charge of $25
Ending balance per bank Additions: Deposits in Transit Less: Outstanding checks Total adjustments Adjusted bank balance Ending balance per company Additions: Less: Total adjustments Adjusted company balance
Transcribed Image Text:Ending balance per bank Additions: Deposits in Transit Less: Outstanding checks Total adjustments Adjusted bank balance Ending balance per company Additions: Less: Total adjustments Adjusted company balance
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS