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Question

v2.cengagenow.com ONLO1... https://bblearn.cccnj.edu/bbcswebdav/pid-101079-dt-content-rid-1319 Calculator Using the following information: a. The bank statement balance is $5,095 b. The cash account balance is $5,475. c. Outstanding checks amounted to $770 d. Deposits in transit are $1,119. e. The bank service charge is $22 f. A check for $30 for supplies was recorded as $21 in the ledger Prepare a bank reconciliation for Candace Co. for May 31 Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance

Explanation / Answer

Ans. Candace Co. Bank Reconciliation 31-May Cash balance according to bank statement 5095 Add: Deposit in transit 1119 Less: Outstanding checks -770 Adjusted balance 5444 Cash balance according to company's records 5475 Less: Bank service charge -22 Less: Error in recording (30 - 21) -9 Adjusted balance 5444

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