Question: Problem 3 Why is it important to prepare a bank reconciliation when the bank statement is received from the bank? Prepare a bank reconciliation dated

Problem 3

  1. Why is it important to prepare a bank reconciliation when the bank statement is received from the bank?

  1. Prepare a bank reconciliation dated December 31, 2019, for Belington Inc. based on the following information.

Balance per bank statement is $20,421.21.

Balance per books is $22,459.68

The December bank statement indicated a service charge of $31.

Cheque #1179 for $610.50 and cheque #1183 for $2,750.00 were not returned with the bank statement.

The bank had not received a deposit in transit of $5,434.22 when the bank statement was generated.

A bank debit memo indicated an NSF cheque written by Bill Broke to Welcome Inc. on December 11, 2019, for $60.

A bank credit memo indicated an interest revenue of $126.25 on December 15, 2019.

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