Using the following information, prepare a bank reconciliation for Cole Co. for May 31 of the current year: (a)The bank statement balance is $3,012.(b)The cash account balance is $3,165.(c)Outstanding checks amounted to $590.(d)Deposits in transit are $704.(e)The bank service charge is $30.(f)A check for $76 for supplies was recorded as $67 in the ledger.

Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Answered: Using the following information,…

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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Using the following information, prepare a bank reconciliation for Cole Co. for May 31 of the current year:

(a)	The bank statement balance is $3,012.
(b)	The cash account balance is $3,165.
(c)	Outstanding checks amounted to $590.
(d)	Deposits in transit are $704.
(e)	The bank service charge is $30.
(f)	A check for $76 for supplies was recorded as $67 in the ledger.

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