Lisa Ceja is unable to reconcile the bank balance at January 31. Lisa's reconciliation is as follows.
Question:
Cash balance per bank ............ $3,660.20
Add: NSF check ............... 590.00
Less: Bank service charge ........... 25.00
Adjusted balance per bank .......... $4,225.20
Cash balance per books ........... $3,825.20
Less: Deposits in transit ........... 480.00
Add: Outstanding checks ........... 930.00
Adjusted balance per books ......... $4,275.20
Instructions
(a) Prepare a correct bank reconciliation.
(b) Journalize the entries required by the reconciliation.
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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