copy and pasted, The following data were accumulated for use in reconciling the
ID: 2372453 • Letter: C
Question
copy and pasted,
The following data were accumulated for use in reconciling the bank account for Commdander Co for March:
a. Cash balance according to the company's records at March 31, $ 13,065
b. Cash balance according to the bank statement at March 31, $ 12,750
c. Checks outstanding , $ 4,170
d. Deposit in transit, not recorded by bank, $ 5,100
e. A check for $ 180 in payment of an account was erroneously recorded in
the check register as $ 810.
f. Bank debit memo for service charges, $ 15.
Prepare a bank reconciliation, using the format shown in Exhibit 7. (Page 185
Explanation / Answer
Only E and F need entries. ============================================================================================================================================== E. (Dr) Cash in bank $630.00 ====================================================================================================================== Cr)Accounts payable$630.00 $810 - $180 ===================================================================================================================================== F. (Dr) Bank charges $15.00 ============================================================================================================================== (Cr) Cash in bank $15.00 ============================================================================================================================================ Bank reconciliation ============================================================================================================================= Cash balance per book $13,065.00 ================================================================================================================================ Add: error $630.00 ================================================================================================================================= Less: Debit memo $15.00 ============================================================================================================================== Adjusted book balance $13,680.00 =========================================================================================================================== Cash balance per bank $12,750.00 =============================================================================================================================== Add: Deposits in transit $5,100.00 ================================================================================================================================== Less: Outstanding checks $4,170.00 ================================================================================================================================ Adjusted bank balance $13,680.00
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