Using the following information, prepare a bank reconciliation.
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 |
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