Swifty Industries provided the following information for the month of February. 1. 2. 3. 4. 5 6 7 8 a b C Balance per bank on February 28-$25,486 Balance per books on February 28-$26,412 Total outstanding checks at February 28-$1,722 Debit memoranda: NSF check from Sanderson, Inc.-$369 Printing company checks-$17 Electronic payment to bank for a loan-$1,820. Of this amount, $74 is interest. Credit memorandum: EFT from customer for $1.190 A check written this month to City Utilities and cleared the bank at the correct amount of $1,468, but was recorded at $1,533. The bank charged a $221 check of ABC Company against Swifty Industries' account. Deposit in transit on February 28-$1.476
Swifty Industries provided the following information for the month of February. 1. 2. 3. 4. 5 6 7 8 a b C Balance per bank on February 28-$25,486 Balance per books on February 28-$26,412 Total outstanding checks at February 28-$1,722 Debit memoranda: NSF check from Sanderson, Inc.-$369 Printing company checks-$17 Electronic payment to bank for a loan-$1,820. Of this amount, $74 is interest. Credit memorandum: EFT from customer for $1.190 A check written this month to City Utilities and cleared the bank at the correct amount of $1,468, but was recorded at $1,533. The bank charged a $221 check of ABC Company against Swifty Industries' account. Deposit in transit on February 28-$1.476
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Swifty Industries provided the following information for the month of February.
2.
3.
5
6
7
8
Balance per bank on February 28-$25,486
Balance per books on February 28-$26,412
Total outstanding checks at February 28-$1,722
Debit memoranda:
NSF check from Sanderson, Inc.-$369
Printing company checks-$17
C Electronic payment to bank for a loan-$1,820. Of this amount, $74 is interest.
Credit memorandum: EFT from customer for $1,190
A check written this month to City Utilities and cleared the bank at the correct amount of $1,468, but was recorded at
$1,533.
a
b
The bank charged a $221 check of ABC Company against Swifty Industries' account.
Deposit in transit on February 28-$1,476
Transcribed Image Text:8
(a)
Deposit in transit on February 28-$1,476
Prepare a bank reconciliation in proper format. (List items that increase balance as per bank & books first.)
SwiftyIndustries
Bank Reconciliation
February 28
A
Q
Mi
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