The following data were accumulated for use in reconciling the bank account of Z

Question

The following data were accumulated for use in reconciling the bank account of Zek’s Co. for May 2016:

Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

Journal

Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

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1. Cash balance according to the company’s records at May 31, 2016, $24,556. 2. Cash balance according to the bank statement at May 31, 2016, $31,856. 3. Checks outstanding, $13,280. 4. Deposit in transit, not recorded by bank, $6,392. 5. A check for $48 in payment of an account was erroneously recorded in the check register as $480. 6. Bank debit memo for service charges, $20.

Explanation / Answer

Prepare Bank reconcilation statement.

Bank Reconciliation Statement

Prepare the journal entries.

Bank Reconciliation Statement

Particulars Amount Balance per Bank 31856 Cheques Outstanding -13280 Deposit in Transit 6392 Cheques erroneously entered(480-48) -432 Bank Service charge 20 Balance per Books 24556

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