Using the following information, prepare a bank reconciliation.- Bank balance: $4,987- Book balance: $5,989- Deposits in transit: $1,546- Outstanding checks: $956- Interest income: $54- NSF check: $466---**Bank Reconciliation**1. **Bank Statement Balance at (date)**: $_______ **Add:** - Deposits in transit **Less:** - Outstanding checks **Adjusted Bank Balance**: $_______2. **Book Balance at (date)**: $_______ **Add:** - Interest income **Less:** - NSF Check **Adjusted Book Balance**: $_______---**Explanation of Graphs/Diagrams:**The image provides a structured template for preparing a bank reconciliation. There are two main sections:1. **Bank Reconciliation Table:** - Spaces are provided to fill in the calculated or given amounts for the bank statement and book balances, as well as for adjustments (additions and deductions).2. **Dropdown and Entry Fields:** - Text boxes and dropdowns allow for flexibility in inputting specific reconciliation items, like deposits in transit and outstanding checks.This template is designed to help visualize and organize the reconciliation of bank statements with the book balance to identify discrepancies.

Bank reconciliation statement is prepared to reconcile the bank and book cash balance. All the items…

Using the following information, prepare a bank reconciliation. • Bank balance: $4,987 • Book balance: $5,989 • Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $54 • NSF check: $466 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: C Adjusted Book Balance 000

Using the following information, prepare a bank reconciliation. • Bank balance: $4,987 • Book balance: $5,989 • Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $54 • NSF check: $466 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: C Adjusted Book Balance 000

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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