Bank Reconciliation The following data were gathered to use in reconciling the b

Question

Bank Reconciliation

The following data were gathered to use in reconciling the bank account of Azalea Company:

a. What is the adjusted balance on the bank reconciliation?
$

b. Journalize any necessary entries for Azalea Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.

Balance per bank $ 34,460 Balance per company records 28,740 Bank service charges 160 Deposit in transit 5,070 NSF check 1,870 Outstanding checks 12,820

Explanation / Answer

a) Adjusted balance on bank reconcilation unadjusted bank balance 34,460 Add:deposit in transit 5,070 39,530 less:checks outstanding 12,820 Adjusted balance on bank reconciliation 26,710 answer b) Accounts receivable 1,870 miscellaneous expense 160 cash 2,030

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