Using the following information, prepare a bank reconciliation for Young Co. for
ID: 2449937 • Letter: U
Question
Using the following information, prepare a bank reconciliation for Young Co. for August 31, 2009:
The bank statement balance is $4,010
The cash account balance is $4,207.
Outstanding checks amounted to $517.
Deposits in transit are $633.
The bank service charge is $45.
A check for $84 for supplies was recorded as $48 in the ledger.
Young Co.Bank Reconciliation
August 31, 2009 Cash balance according to bank statement $ Add deposits in transit not recorded by bank $ Deduct outstanding checks Adjusted balance $ Cash balance according to company's records $ Deduct: Bank service charge $ Error in recording Adjusted balance $
Explanation / Answer
Young Co. (All figures in $) Bank Reconciliation August 31, 2009 Cash balance according to bank statement 4010 Add deposits in transit not recorded by bank 633 4643 Deduct outstanding checks 517 Adjusted balance 4126 Cash balance according to company's records 4207 Deduct: Bank service charge $ 45 Error in recording 36 Adjusted balance 4126
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