Question 1 Bank Reconciliation The following data were gathered to use in recona

Question

Question 1 Bank Reconciliation The following data were gathered to use in reconailing the bank account of Azalea Company Balance per bank Balance per company records Bank service charges Deposit in transit NSF check Outstanding checks a. What is the adjusted balance on the bank reconciliation? $21,230 17,710 100 3,130 1,150 7,900 b. Journalize any necessary entries for Azalea Company based on the bank recondiliation. For a compound transaction, if an amount box does not require an entry, leave it blank. 2 Progress:

Explanation / Answer

Solution:

Answer a:   The adjusted balance on the bank reconciliation:

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Answer b: Necessary entries for Azalea Company based on the bank reconciliation:

Details Amount ($) Un adjusted bank balance $21,230 Add: Deposit in transit $3,130 $24,360 Less:Outstanding checks $7,900 Adjusted balance on bank reconciliation $16,460

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