Question: I need help with preparing a bank reconciliation. I am working out of the book Accounting 24th Edition by Warren/Reeve/Duchac on page 533, question 2
I need help with preparing a bank reconciliation. I am working out of the book Accounting 24th Edition by Warren/Reeve/Duchac on page 533, question 2 a-f. They give the following info:
Based on the following date, prepare a bank reconciliation for December of the current year:
a.) Balance according to the bank statement at December 31, $202,240. b.) Balance according to the ledger at December 31, $175,440. c.) Checks outstanding at December 31, $48,960. d.) Deposit in transit, not recorded by bank, $21,120 e.) Bank debit memo for service charges, $540 f.) A check for $11,520 in payment of an invoice was incorrectly recorded in the accounts as $11,020.
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