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Using the following information, prepare a bank reconciliation.   Bank balance: $4,021 Book balance: $2,928 Deposits in transit: $1,111 Outstanding checks: $679 Bank charges: $35 Notes receivable: $1,325; interest: $235 Bank Reconciliation Statement Bank Side Book Side Balance as per bank statement 4,021 Balance as per cash book 2,928 Deposit in Transit 1,111 Collection of Note 1,325     Collection of interest on Note 1,235         Outstanding Checks 679 Bank Service Changes 35 Reconciled Balance 4,453 Reconciled Balance 4,453             Prepare the journal entry to reconcile the bank statement prepared in the previous question.

Using the following information, prepare a bank reconciliation.   Bank balance: $4,021 Book balance: $2,928 Deposits in transit: $1,111 Outstanding checks: $679 Bank charges: $35 Notes receivable: $1,325; interest: $235 Bank Reconciliation Statement Bank Side Book Side Balance as per bank statement 4,021 Balance as per cash book 2,928 Deposit in Transit 1,111 Collection of Note 1,325     Collection of interest on Note 1,235         Outstanding Checks 679 Bank Service Changes 35 Reconciled Balance 4,453 Reconciled Balance 4,453             Prepare the journal entry to reconcile the bank statement prepared in the previous question.

FINANCIAL ACCOUNTING
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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  1. Using the following information, prepare a bank reconciliation.

 

  • Bank balance: $4,021
  • Book balance: $2,928
  • Deposits in transit: $1,111
  • Outstanding checks: $679
  • Bank charges: $35
  • Notes receivable: $1,325; interest: $235

Bank Reconciliation Statement

Bank Side

Book Side

Balance as per bank statement

4,021

Balance as per cash book

2,928

Deposit in Transit

1,111

Collection of Note

1,325

 

 

Collection of interest on Note

1,235

 

 

 

 

Outstanding Checks

679

Bank Service Changes

35

Reconciled Balance

4,453

Reconciled Balance

4,453

 

 

 

 

 

 

  1. Prepare the journal entry to reconcile the bank statement prepared in the previous question.
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