**Bank Reconciliation**Using the following information, prepare a bank reconciliation.- **Bank balance:** $6,888- **Book balance:** $6,759- **Deposits in transit:** $1,847- **Outstanding checks:** $599 and $1,423- **Bank charges:** $50- Bank incorrectly charged the account $50. The bank will correct the error next month.- Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense.---**Bank Reconciliation Form**1. **Bank Statement Balance at (date):** $________ - **Add:** - [Dropdown options] - Amount: $________ - **Less:** - [Dropdown options] - Amount: $________ **Adjusted Bank Balance:** $________2. **Book Balance at (date):** $________ - **Add:** - [Dropdown options] - Amount: $________ - **Less:** - [Dropdown options] - Amount: $________ **Adjusted Book Balance:** $________**Explanation:**This template guides the completion of a bank reconciliation, requiring the input of bank and book balances with adjustments for discrepancies such as outstanding checks, deposits in transit, and bank charges. The form uses dropdown options for categorizing additions and subtractions to balance the two amounts accurately.

The bank reconciliation is prepared to reconcile the bank balance with the book balance. Any item…

Using the following information, prepare a bank reconciliation. • Bank balance: $6,888 Book balance: $6,759 • Deposits in transit: $1,847 • Outstanding checks: $599 and $1,423 • Bank charges: $50 Bank incorrectly charged the account $50. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance 1010

Using the following information, prepare a bank reconciliation. • Bank balance: $6,888 Book balance: $6,759 • Deposits in transit: $1,847 • Outstanding checks: $599 and $1,423 • Bank charges: $50 Bank incorrectly charged the account $50. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance 1010

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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The bank reconciliation for ABC Inc. at its year-end, December 31, 2022 includes the following: Outstanding checks $761,342.55. Identify all the following procedures that are applicable to the audit of outstanding checks. Check All That Apply Inspect bank credit memos Trace items on the bank reconciliation to the cutoff bank statement. Trace items to cash receipts journal Ascertain reason for unusual delay, if any. Trace items to cash disbursements journal. Inspect bank debit memos.
Prepare any necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation. Organic Food Company's Cash account shows a $7,200 debit balance and its bank statement shows $6,350 on deposit at the close of business on August 31. August 31 cash receipts of $2,940 were placed in the bank’s night depository after banking hours and were not recorded on the August 31 bank statement. The bank statement shows a $290 NSF check from a customer; the company has not yet recorded this NSF check. Outstanding checks as of August 31 total $2,820. In reviewing the bank statement, an $250 check written by Organic Fruits was mistakenly drawn against Organic Food’s account. The August 31 bank statement lists $190 in bank service charges; the company has not yet recorded the cost of these services.
The following data were gathered to use in reconciling the bank account of Reddan Company: $ 17,900 10,300 Balance per bank Balance per company records Bank service charges 40 Deposit in transit Note collected by bank with $170 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 3,400 4,900 6,140 b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 • Book balance: $8,866 • Deposits in transit: $1,832 Outstanding checks: $589 and $1,623 • Bank service charges: $50 • Bank incorrectly charged the account $50. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
Using the following information, prepare a bank reconciliation. Bank balance: $6,788 Book balance: $6,228 Deposits in transit: $1,712 Outstanding checks: $569 and $1,623 Bank charges: $50 Bank incorrectly charged the account $50. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
The bank reconciliation shows the following adjustments: Outstanding checks: $987 Error by bank recorded customer check twice: $436 Notes receivable collected by bank: $2,500; interest: $145 Deposits in transit: $1,698 Bank charges: $70 PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the adjustments. Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR CR and DR CR CR PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Tamarisk is unable to reconcile the bank balance at January 31. Tamarisk’s reconciliation is as follows. Prepare a correct bank reconciliation and journalize the entries required by the reconciliation. (Round answers to 2 decimal places, e.g. 52.75.)
Monty Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. Indicate how each would be reported on a bank reconciliation. (a) (b) (c) (d) (e) Deposit in transit $6,820. Bank service charges $42. Interest credited to Monty's account $47. Outstanding checks $9,194. NSF check returned $478.
While performing its monthly bank reconciliation, XYZ Inc. discovered that it recorded a cash receipt from a customer for an incorrect amount. The company debited “Cash” and credited “Sales Revenue” for $920 instead of $290. On its bank reconciliation, how should the company adjust for this error? Add $630 to the company (book) side. Subtract $630 from the company (book) side. Add $630 to the bank side. Subtract $630 from the bank side.
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