Using the following information: a. The bank statement balance is $4,881. b. The cash account balance is $5,400. c. Outstanding checks amounted to $645. d. Deposits in transit are $1,100. e. The bank service charge is $55. f. A check for $56 for supplies was recorded as $47 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.

Using the following information: a. The bank statement balance is $4,881. b. The cash account balance is $5,400. c. Outstanding checks amounted to $645. d. Deposits in transit are $1,100. e. The bank service charge is $55. f. A check for $56 for supplies was recorded as $47 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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The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation on the basis of the following reconciling items: Cash sales of $742 were erroneously recorded in the cash receipts journal as $724. Deposits in transit not recorded by bank, $425. Bank debit memo for service charges, $35. Bank credit memo for note collected by bank, $2,475 including $75 interest. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. Checks outstanding, $1,860. Farmer Co. Bank Reconciliation June 30 Cash balance according to bank statement $fill in the blank 1 fill in the blank 3 fill in the blank 5 Adjusted balance $fill in the blank 6 Cash balance according to company's records $fill in the blank 7 $fill in the blank 9 fill in the blank 11 fill in the blank 12 $fill in the blank 14 fill in the…
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The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation on the basis of the following reconciling items: a. Cash sales of $742 were erroneously recorded in the cash receipts journal as $724. b. Deposits in transit not recorded by bank, $425. c. Bank debit memo for service charges, $35. d. Bank credit memo for note collected by bank, $2,475 including $75 interest. e. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. f. Checks outstanding, $1,860.
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