Using the following information, prepare the bank reconciliation for Marks Corp for October 30, 2020. Be sure to exclude items that do not belong on a bank reconciliation. a. The unadjusted balance of cash in the general ledger was a debit balance of $3,000. b. The ending balance of cash per the bank statement was $3,500. c. Outstanding checks are $925. d. Bank service charge on the bank statement was $30. e. Ending balance of notes receivable in the general ledger is $500. f. Interest earned on the bank statement was $5. g. Deposits in transit are $400.
Using the following information, prepare the bank reconciliation for Marks Corp for October 30, 2020. Be sure to exclude items that do not belong on a bank reconciliation. a. The unadjusted balance of cash in the general ledger was a debit balance of $3,000. b. The ending balance of cash per the bank statement was $3,500. c. Outstanding checks are $925. d. Bank service charge on the bank statement was $30. e. Ending balance of notes receivable in the general ledger is $500. f. Interest earned on the bank statement was $5. g. Deposits in transit are $400.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 7EB: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance:...
Related questions
Question
Using the following information, prepare the bank reconciliation for Marks Corp for October 30, 2020.
Be sure to exclude items that do not belong on a bank reconciliation.
a. The unadjusted balance of cash in the general ledger was a debit balance of $3,000.
b. The ending balance of cash per the bank statement was $3,500.
c. Outstanding checks are $925.
d. Bank service charge on the bank statement was $30.
e. Ending balance of notes receivable in the general ledger is $500.
f. Interest earned on the bank statement was $5.
g. Deposits in transit are $400.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning