The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $ 17,650 Balance per company records 9,805 Bank service charges 25 Deposit in transit 3,600 Note collected by bank with $150 interest 5,450 Outstanding checks 6,020 a. What is the adjusted balance on the bank reconciliation? 15,230 V Feedback Y Check My Work a. Set up two sections: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error. b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. Feedback Y Check My Work b. Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, because these have not been previously recorded by the company.
The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $ 17,650 Balance per company records 9,805 Bank service charges 25 Deposit in transit 3,600 Note collected by bank with $150 interest 5,450 Outstanding checks 6,020 a. What is the adjusted balance on the bank reconciliation? 15,230 V Feedback Y Check My Work a. Set up two sections: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error. b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. Feedback Y Check My Work b. Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, because these have not been previously recorded by the company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer letter B
![**Bank Reconciliation**
The following data were gathered to use in reconciling the bank account of Photo Op. Company:
- **Balance per bank:** $17,650
- **Balance per company records:** $9,805
- **Bank service charges:** $25
- **Deposit in transit:** $3,600
- **Note collected by bank with $150 interest:** $5,450
- **Outstanding checks:** $6,020
**a. What is the adjusted balance on the bank reconciliation?**
- Adjusted Balance: **$15,230** ✓
**Feedback**
- **Check My Work:**
Set up two sections: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error.
**b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.**
- Journal Entry Fields
**Feedback**
- **Check My Work:**
Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, because these have not been previously recorded by the company.
[There is no graphical data requiring further explanation in this image.]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86d0850e-fd0a-45ac-b2d2-00dda29b87c6%2Ff9a88f44-134c-4a8f-a672-a096ea57fc2b%2Fkh3o8tb_processed.png&w=3840&q=75)
Transcribed Image Text:**Bank Reconciliation**
The following data were gathered to use in reconciling the bank account of Photo Op. Company:
- **Balance per bank:** $17,650
- **Balance per company records:** $9,805
- **Bank service charges:** $25
- **Deposit in transit:** $3,600
- **Note collected by bank with $150 interest:** $5,450
- **Outstanding checks:** $6,020
**a. What is the adjusted balance on the bank reconciliation?**
- Adjusted Balance: **$15,230** ✓
**Feedback**
- **Check My Work:**
Set up two sections: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error.
**b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.**
- Journal Entry Fields
**Feedback**
- **Check My Work:**
Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, because these have not been previously recorded by the company.
[There is no graphical data requiring further explanation in this image.]
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