Using the following information, prepare a bank reconciliation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Using the following information, prepare a bank reconciliation.
• Bank balance: $6,988
• Book balance: $6,706
• Deposits in transit: $1,770
• 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 $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
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