Using the following information, prepare a bank reconciliation.Bank balance: $6,788Book balance: $6,525Deposits in transit: $1,688Outstanding checks: $569 and $1,523Bank 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 $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. Bank ReconciliationBank Statement Balance at (date) $fill in the blank 1Add: Deposits in Transit Outstanding ChecksLess: - Select -Adjusted Bank Balance $fill in the blank 8 Book Balance at (date) $fill in the blank 9Add: - Select -Less: - Select -Adjusted Book Balance $fill in the blank 14

Bank reconciliation tries to reconcile the bank balance between bank and books of account. There are…

Answered: Using the following information,…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

Related questions

Question

Using the following information, prepare a bank reconciliation.

Bank balance: $6,788
Book balance: $6,525
Deposits in transit: $1,688
Outstanding checks: $569 and $1,523
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 $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense.

Bank Reconciliation

Bank Statement Balance at (date)		$fill in the blank 1
Add:
		Deposits in Transit
		Outstanding Checks
Less:
		- Select -
Adjusted Bank Balance		$fill in the blank 8

Book Balance at (date)		$fill in the blank 9
Add:
		- Select -
Less:
		- Select -
Adjusted Book Balance		$fill in the blank 14