The LLYOD bank statement for the month of June shows that there is $13,300 difference with the cash balance per book. The difference occurs on the 12 of June as one of the customers’ outstanding check has been returned because of not sufficient fund. Record the required entries at the end of June
The LLYOD bank statement for the month of June shows that there is $13,300 difference with the cash balance per book. The difference occurs on the 12 of June as one of the customers’ outstanding check has been returned because of not sufficient fund. Record the required entries at the end of June
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The LLYOD bank statement for the month of June shows that there is $13,300 difference with the cash balance per book. The difference occurs on the 12 of June as one of the customers’ outstanding check has been returned because of not sufficient fund. Record the required entries at the end of June.
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Step 1
Bank reconciliation statement is prepared by almost every organization at a particular time. It is a statement that is required to match the cash balance with the bank balance. We need to adjust check outstanding, cheque deposited but not collected, directly deposited into Bank, NSF check, etc.
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