Using the following information, prepare a bank reconciliation.Bank balance: $6,988Book balance: $6,626Deposits in transit: $1,600Outstanding checks: $599 and $1,423Bank charges: $75Bank incorrectly charged the account $75. The bank will correct the error next month.Check number 2456 correctly cleared the bank in the amount of $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense.

Bank Reconciliation is a process of reconciling the bank balance with that of the company records.…

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.

Bank balance: $6,988
Book balance: $6,626
Deposits in transit: $1,600
Outstanding checks: $599 and $1,423
Bank charges: $75
Bank incorrectly charged the account $75. The bank will correct the error next month.
Check number 2456 correctly cleared the bank in the amount of $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense.

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