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The following data were gathered to use in reconciling the bank account of Conway Company:

The following data were gathered to use in reconciling the bank account of Conway Company:

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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**Bank Reconciliation** The following data were gathered to use in reconciling the bank account of Conway Company: - **Balance per bank**: $23,900 - **Balance per company records**: $8,700 - **Bank service charges**: $50 - **Deposit in transit**: $5,500 - **Note collected by bank with $450 interest**: $9,450 - **Outstanding checks**: $11,300 a. **What is the adjusted balance on the bank reconciliation?** Adjusted balance: **$8,600** b. **Journalize any necessary entries for Conway Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.** | Accounts Payable | | $23,900 | |-------------------|---------------------|---------| | Accounts Receivable | | $5,500 | | Cash Short and Over | | $9,450 | | Interest Expense | | | | Interest Revenue | | $11,300 |
Transcribed Image Text:**Bank Reconciliation** The following data were gathered to use in reconciling the bank account of Conway Company: - **Balance per bank**: $23,900 - **Balance per company records**: $8,700 - **Bank service charges**: $50 - **Deposit in transit**: $5,500 - **Note collected by bank with $450 interest**: $9,450 - **Outstanding checks**: $11,300 a. **What is the adjusted balance on the bank reconciliation?** Adjusted balance: **$8,600** b. **Journalize any necessary entries for Conway Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.** | Accounts Payable | | $23,900 | |-------------------|---------------------|---------| | Accounts Receivable | | $5,500 | | Cash Short and Over | | $9,450 | | Interest Expense | | | | Interest Revenue | | $11,300 |
Expert Solution
Step 1: Introduction

Bank reconciliation statement refers to a reconciliation between the entries entered in the cash book (company records) and transactions appearing in the bank statement. The reasons for differences are outlined separately in the form of a bank reconciliation statement.

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