Using the folowing information, prepare a bank reconciliation. • Bank balance: $4,687 Book balance: $5,690 Deposits in transit: $1,546 Outstanding checks: $956 • Interest income: $53 • NSF check: $466

Using the folowing information, prepare a bank reconciliation. • Bank balance: $4,687 Book balance: $5,690 Deposits in transit: $1,546 Outstanding checks: $956 • Interest income: $53 • NSF check: $466

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Using the folowing information, prepare a bank reconciliation.
• Bank balance: $4,687
• Book balance: $5,690
• Deposits in transit: $1,546
• Outstanding checks: $956
• Interest income: $53
• NSF check: $466

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