Using the following information: a. The bank statement balance is $4,144. b. The cash account balance is $4,565. c. Outstanding checks amounted to $807. d. Deposits in transit are $1,198. e. The bank service charge is $21. f. A check for $72 for supplies was recorded as $63 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.

Using the following information: a. The bank statement balance is $4,144. b. The cash account balance is $4,565. c. Outstanding checks amounted to $807. d. Deposits in transit are $1,198. e. The bank service charge is $21. f. A check for $72 for supplies was recorded as $63 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

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Using the following information:
a. The bank statement balance is $4,144.
b. The cash account balance is $4,565.
c. Outstanding checks amounted to $807.
d. Deposits in transit are $1,198.
e. The bank service charge is $21.
f. A check for $72 for supplies was recorded as $63 in the ledger.
Prepare a bank reconciliation for Candace Co. for May 31.

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