Score: 0 of 5 pts 4015 (2 complete) HW Score: 40%, 10 of 25 pts E7-22 (book/stat
ID: 2545719 • Letter: S
Question
Score: 0 of 5 pts 4015 (2 complete) HW Score: 40%, 10 of 25 pts E7-22 (book/static) Question Help Jim Root Corporation operates four bowling alleys. The business just received the October 31, 2018, bank statement from City National Bank, and the statement shows an ending balance of S910. Listed on the statement are an EFT rent collection of S440, a service charge of S7, NSF checks totaling $50, and a $23 charge for printed checks. In reviewing the cash records, the business identified outstanding checks totaling $440 and a deposit in transit of $1,800. During October, the business recorded a $260 check by debiting Salaries Expense and crediting Cash for $26. The business's Cash account shows an October 31 balance of $2,144. Read the requirements. Requirement 1. Prepare the bank reconciliation at October 31 Prepare the bank portion of the reconciliation, followed by the book portion of the reconciliation. Jim Root Corporation Bank Reconciliation October 31, 2018 Bank: AII LESSExplanation / Answer
BANK RECONCILIATION STATMENT
BANK:
Balance, October 31 $ 910
Add : Deposit in transit $ 1800
Less : Outstanding checks ( $ 440 )
Adjusted bank balance, October 31 $ 2270
BOOKS:
Balance, October 31 $ 2144
Add : EFT collection of rent $ 440
Less : Correction of book error $ 234
Less : NSF check $ 50
Less : Cost of printed checks $ 23
Less : Service charge $ 7
Adjusted book balance, October 31 $ 2270
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