**Bank Reconciliation Exercise for Candace Co. for May 31****Given Information:**1. Bank statement balance: $3,8142. Cash account balance: $4,2293. Outstanding checks: $6304. Deposits in transit: $9705. Bank service charge: $666. A check for $55 was recorded as $46 in the ledger.**Objective:**Prepare a bank reconciliation for Candace Co. for May 31 using the above information.---**Bank Reconciliation Format:****Candace Co.****Bank Reconciliation****May 31**1. **Cash Balance According to Bank Statement** - List initial bank statement balance: $3,814 - Add deposits in transit: $970 - Subtract outstanding checks: $630 **Adjusted Balance for Bank Statement** - Calculate the adjusted balance based on these adjustments.2. **Cash Balance According to Company’s Records** - List initial cash account balance: $4,229 - Subtract bank service charge: $66 - Correct check recording error (subtract the correct $55 and add back the incorrect $46) **Adjusted Balance for Company’s Records** - Calculate the adjusted balance based on these adjustments.*Note: The goal is for the adjusted balances from the bank statement and the company’s records to match, confirming the reconciliation is accurate.*

Using the following information: 1. The bank statement balance is $3,814. 2. The cash account balance is $4,229. 3. Outstanding checks amounted to $630. 4. Deposits in transit are $970. 5. The bank service charge is $66. 6. A check for $55 for supplies was recorded as $46 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance tA 0000 00 ta

Using the following information: 1. The bank statement balance is $3,814. 2. The cash account balance is $4,229. 3. Outstanding checks amounted to $630. 4. Deposits in transit are $970. 5. The bank service charge is $66. 6. A check for $55 for supplies was recorded as $46 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance tA 0000 00 ta

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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