Grand Company's August 31, 2023, bank statement balance is $11,198 and shows a service charge of...

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Grand Company's August 31, 2023, bank statement balance is $11,198 and shows a service charge of $36, interest earned of $25, and an NSF cheque for $800. Deposits in transit total $2,200, and outstanding cheques are $1,600. The bookkeeper incorrectly recorded $176 for a cheque of $167 as an account payable. The company's book balance at August 31, 2023, was $12,600. a. Prepare the bank reconciliation for Grand Company for August 31, 2023. Calculate the adjusted bank balance first, and then calculate the adjusted book balance below it. Show that both adjusted balances agree. b. Prepare the journal entries needed to update the company's books. Grand Company's August 31, 2023, bank statement balance is $11,198 and shows a service charge of $36, interest earned of $25, and an NSF cheque for $800. Deposits in transit total $2,200, and outstanding cheques are $1,600. The bookkeeper incorrectly recorded $176 for a cheque of $167 as an account payable. The company's book balance at August 31, 2023, was $12,600. a. Prepare the bank reconciliation for Grand Company for August 31, 2023. Calculate the adjusted bank balance first, and then calculate the adjusted book balance below it. Show that both adjusted balances agree. b. Prepare the journal entries needed to update the company's books.

Answer rating: 100% (QA)

a Bank Reconciliation for Grand Company as of August 31 2023 Bank Statement Adjustments Adjusted Ban... View the full answer