Using the following information, prepare a bank reconciliatio Bank balance: $7,651 Book balance: $10,595 •Deposits in transit: $2,588 -Outstanding checks: $489 • Interest income: $121 • NSF check: $966

Using the following information, prepare a bank reconciliatio Bank balance: $7,651 Book balance: $10,595 •Deposits in transit: $2,588 -Outstanding checks: $489 • Interest income: $121 • NSF check: $966

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 9EA: Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance:...

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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

Using the following information, prepare a bank reconciliation.
• Bank balance: $7,651
• Book balance: $10,595
• Deposits in transit: $2,588
• Outstanding checks: $489
• Interest income: $121
• NSF check: $966

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