E7-3A Bank reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30:Balance per Cash account, June 30, $7, 039.80.Balance per bank statement, June 30, $ 7, 300.25Deposits not reflected on bank statement. $950.Outstanding checks, June 30, $1, 260.45Service charge on bank statement not recorded in books, $35.Error by bank- Yertel Company check charged on Young Company’s bank statement, $375.Check for advertising expense, $260, incorrectly recorded in books as $620.

Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…

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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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E7-3A Bank reconciliation

Use the following information to prepare a bank reconciliation for Young Company at June 30:

Balance per Cash account, June 30, $7, 039.80.
Balance per bank statement, June 30, $ 7, 300.25
Deposits not reflected on bank statement. $950.
Outstanding checks, June 30, $1, 260.45
Service charge on bank statement not recorded in books, $35.
Error by bank- Yertel Company check charged on Young Company’s bank statement, $375.
Check for advertising expense, $260, incorrectly recorded in books as $620.

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