Bank reconciliation : Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books. Calculate the adjusted cash balance of S Company using following below steps: Add all the Bank collections, Interest revenue, and Electronic fund transfer receipts Subtract the Services charges, NSF checks, and Electronic fund transfer payments Add or Subtract the corrections of book errors To determine: The adjusted cash balance

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Chapter 7, Problem 10QC

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Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

Calculate the adjusted cash balance of S Company using following below steps:

Add all the Bank collections, Interest revenue, and Electronic fund transfer receipts

Subtract the Services charges, NSF checks, and Electronic fund transfer payments

Add or Subtract the corrections of book errors

To determine: The adjusted cash balance

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