Concept explainers
Using the following information, prepare a bank reconciliation.
• Bank balance: $6,988
• Book balance: $6,626
• Deposits in transit: $1,600
• 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 $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense.
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Principles of Accounting Volume 1
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