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 6EA

The bank reconciliation shows the following adjustments:

• Deposits in transit: $852

• Notes receivable collected by bank: $1,000; interest: $20

• Outstanding checks: $569

• Error by bank: $300

• Bank charges: $30

Prepare the correcting journal entry.

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Chapter 8, Problem 5EA

Chapter 8, Problem 7EA

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The bank reconciliation shows the following adjustments: • Deposits in transit: $852 • Notes receivable collected by bank: $1,000; interest: $20 • Outstanding checks: $569 • Error by bank: $300 • Bank charges: $30 Prepare the correcting journal entry .

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