An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $11,100 $ 3,585 Add: Outstanding checks Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590...... Note for $12,000 collected by bank, including interest 360 12,480 16,425 $27,525 $ 7,200 Deduct: Deposit in transit on August 31.. Bank service charges .... Cash balance according to bank statement.. 25 7,225 $20,300 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative problem. b. If a balance sheet is prepared for Chesner Co. on August 31, what amount should be reported for cash?
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $11,100 $ 3,585 Add: Outstanding checks Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590...... Note for $12,000 collected by bank, including interest 360 12,480 16,425 $27,525 $ 7,200 Deduct: Deposit in transit on August 31.. Bank service charges .... Cash balance according to bank statement.. 25 7,225 $20,300 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative problem. b. If a balance sheet is prepared for Chesner Co. on August 31, what amount should be reported for cash?
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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