The book balance in the checking account of Volman Enterprises as of October 31 is $4,765.00. The

Question:

The book balance in the checking account of Volman Enterprises as of October 31 is $4,765.00. The bank statement shows an ending balance of $4,348.00. The following information is discovered by

(1) Comparing last month's deposits in transit and outstanding checks with this month's bank statement,

(2) Comparing deposits and checks written per books and per bank in the current month, and

(3) Noting service charges and other debit and credit memos shown on the bank statement.

Deposits in transit: $175.00 10/29 10/30 334.00 Outstanding checks: No. 1764 47.00 No. 1767 146.00 No. 1772 113.00 No. 1

Error on Check No. 1754 Checkbook shows it was for $72.00, but it was actually written for $62.00. Accounts Payable was debited.
*Funds were withdrawn by Gary Volman for personal use.
REQUIRED
1. Prepare a bank reconciliation as of October 31, 20--.
2. Prepare the required journalentries.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...