Week 7-Cash Question 2 (of 8) 2. M5-12 Preparing a Bank Reconciliation [LO 5-4]

Question

Week 7-Cash Question 2 (of 8) 2. M5-12 Preparing a Bank Reconciliation [LO 5-4] Use the following bank statement and T-account to prepare the May 31 bank reconciliation. Date BANK STATEMENT Checks Deposits O OtheriBalance $ 560 600 NSF Check $140270 160 615 Service charge 95 375 #2 $100 12 #4 190 28 #5 110 $140 30 #6105 560 May 31 #8 145 Cash (A)3339333 May 1 May 3 560 140 100 100 190 110 105 560 115 330 145 May 3 #2 May 4 #3 May 8 #4 May 11 #5 May 21 #6 May 29 #7 May 30 #8 May 29 May 30 May 31 725 Bank Reconciliation 26 6

Explanation / Answer

Bank reconcilation Ending balance as per bank statement 375 Ending Balance as percash account 725 Addition Addition Deposit in transit 330 Deduction deduction outstanding checks NSF -140 check No.3 -100 Bank charges -95 7 -115 up to date cash balance 490 up to date cash balance 490

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