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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

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

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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LO 8.6Using 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
Expert Solution
Step 1

A bank reconciliation statement is prepared at a certain time period. It is used to match the book balance with the bank balance.

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