The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 12,045 Bank service charges 30 Deposit in transit 3,500 Note collected by bank with $160 interest 4,160 Outstanding checks 5,575 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.
The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 12,045 Bank service charges 30 Deposit in transit 3,500 Note collected by bank with $160 interest 4,160 Outstanding checks 5,575 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data were gathered to use in reconciling the bank account of Reddan Company:
Balance per bank $18,250
Balance per company records 12,045
Bank service charges 30
Deposit in transit 3,500
Note collected by bank with $160 interest 4,160
Outstanding checks 5,575
a. What is the adjusted balance on the bank reconciliation?
b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.
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