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Activity 3 Upon receipt of the bank statement dated December 31, 2019, for the checking account in the First National Bank, the accountant for the Mi Company began the reconciliation process. The deposit slips and canceled checks (cheques) were compared with the records. Bank balance 12/31/x1 86,179 Deposit in transit 44,700 Outstanding checks (cheques) 129,478 Bank error (deposit understated) 10,000 NSF Check (cheque) from customer debited to account by bank (separate notification not received from bank) 2,300 Service charges for December Error on books (check (cheque) written to pay account payable recorded at 300 but written for only 30) 75 270 Balance in books 13,506

Activity 3 Upon receipt of the bank statement dated December 31, 2019, for the checking account in the First National Bank, the accountant for the Mi Company began the reconciliation process. The deposit slips and canceled checks (cheques) were compared with the records. Bank balance 12/31/x1 86,179 Deposit in transit 44,700 Outstanding checks (cheques) 129,478 Bank error (deposit understated) 10,000 NSF Check (cheque) from customer debited to account by bank (separate notification not received from bank) 2,300 Service charges for December Error on books (check (cheque) written to pay account payable recorded at 300 but written for only 30) 75 270 Balance in books 13,506

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.3BE
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Prepare a bank reconciliation statement
Activity 3 Upon receipt of the bank statement dated December 31, 2019, for the checking account in the First National Bank, the accountant for the Mi Company began the reconciliation process. The deposit slips and canceled checks (cheques) were compared with the records. Bank balance 12/31/x1 86,179 Deposit in transit Outstanding checks (cheques) Bank error (deposit understated) 44,700 129,478 10,000 NSF Check (cheque) from customer debited to account by bank (separate notification not received from bank) 2,300 Service charges for December 75 Error on books (check (cheque) written to pay account payable recorded at 300 but written for only 30) 270 Balance in books 13,506
Transcribed Image Text:Activity 3 Upon receipt of the bank statement dated December 31, 2019, for the checking account in the First National Bank, the accountant for the Mi Company began the reconciliation process. The deposit slips and canceled checks (cheques) were compared with the records. Bank balance 12/31/x1 86,179 Deposit in transit Outstanding checks (cheques) Bank error (deposit understated) 44,700 129,478 10,000 NSF Check (cheque) from customer debited to account by bank (separate notification not received from bank) 2,300 Service charges for December 75 Error on books (check (cheque) written to pay account payable recorded at 300 but written for only 30) 270 Balance in books 13,506
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