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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 9EA: Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance:...

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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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