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Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, Is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285

Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, Is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter8: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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On the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.
Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, Is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285
Transcribed Image Text:Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, Is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285
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