Jansen Company\'s general ledger showed a checking account balance of $23,820 at

Question

Jansen Company's general ledger showed a checking account balance of $23,820 at the end of May 2018. The May 31 cash receipts of $2,340, included in the general ledger balance, were placed in the night depository at the bank on May 31 and were processed by the bank on June 1. The bank statement dated May 31, 2018, showed bank service charges of $38. All checks written by the company had been processed by the bank by May 31 and were listed on the bank statement except for checks totaling $1,890. Required: Prepare a bank reconciliation as of May 31, 2018. [Hint: You will need to compute the balance that would appear on the bank statement.] Bank Reconciliation Bank Balance to Corrected Balance Balance per bank statement Add: Deposits outstanding ess: Checks outstanding Corrected cash balance Book Balance to Corrected Balance Balance per books Add: Deposits outstanding Less: Service charges Corrected cash balance

Explanation / Answer

Bank Reconciliation Bank Balance to Corrected Balance Balance per bank Statement 23,332 Add:Deposits outstanding 2,340 less:Checks outstanding 1,890 corrected cash balance 23,782 Book Balance to corrected balance Balance per books 23,820 less:Service charge 38 Corrected cash balance 23,782

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