Principles of Accounting Volume 1

19th Edition

ISBN: 9781947172685

Author: OpenStax

Publisher: OpenStax College

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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.

Textbook Question

Chapter 8, Problem 11EA

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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Chapter 8, Problem 10EA

Chapter 8, Problem 12EA

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Chapter 8 Solutions

Principles of Accounting Volume 1

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