Bank Reconciliation The following information applies to The Rose Company: Balan

Q: Bank Reconciliation The following information applies to The Rose Company: Balan

SOLUTION Particulars Amount ($) Particulars Amount ($) Balance per Bank Statement 45,000 Balance per Books 38,650 Add: Deposits in transit 10,000 Add: Interest collected by bank 1,000 Less: Outstanding checks 15,700 Less: Bank service charge 50 Bounced check 300 Adjusted bank balance 39,300 Adjusted book balance 39,300

ID: 2562725 • Letter: B

Question

Bank Reconciliation

The following information applies to The Rose Company:

Balance per Bank Statement, 12-31-02: $45,000

Balance per Books, 12-31-02: $38,650

Other information:

Deposits in Transit: $10,000

Outstanding Checks: $15,700

Interest collected by bank on Rose’s behalf: $ 1,000

Bank Service Charge: $ 50

A check that Baldwin Co. gave to Rose bounced.

The check was written for $300. Rose believes that Baldwin Co. will pay her back promptly.

Prepare a bank reconciliation and the appropriate journal entries.

Explanation / Answer

SOLUTION

Particulars Amount ($) Particulars Amount ($) Balance per Bank Statement 45,000 Balance per Books 38,650 Add: Deposits in transit 10,000 Add: Interest collected by bank 1,000 Less: Outstanding checks 15,700 Less: Bank service charge 50 Bounced check 300 Adjusted bank balance 39,300 Adjusted book balance 39,300

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Bank Reconciliation The following information applies to The Rose Company: Balan

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