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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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.

Transcribed Image Text:Candace Co.
Bank Reconciliation
May 31
Cash balance according to bank statement
Adjustments:
Total adjustments
Adjusted balance
Cash balance according to company's records
Adjustments:
Total adjustments
Adjusted balance
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