Problem 3-7 (IAA)Bedlsm Company provided the following dats for the monthof December:November 30 December 21Cash in bank account balanceBank statement balanceBank debitaBank crediteBook debitaBook creditaOutatanding checksDeposit in trariaitCheck erroneoualy charged bybank againat entity's accointand corrected in subeeguent monthBank aervice chargeNote recorded as csh reoript by2002.0001.90,0002.160.0002500,00010800001.4400002.0008.000180 000800000.00050.0004.0002000entity when placed with hankfor collection and note is actuallycollected by bank in subuequentmonth and credited by bank toentity's account in aame month200.000300.000Required:a. Prepare a four-column reconeiliation ahowingr adjustedbalances.b Prepare one adjusting entry only on December 31.

Bank Reconciliation:- It is a statement that gets prepare in order to match the balance as per pass…

Problem 3-7 (IAA) Bedlam Company provided the following dats for the month of December November 0 December 21 Cash in bank account balance Bank statement balance Bank debita Bank credite Book debita Book credita Outatanding checks Deposit in trariait Check erroneoualy charged by bank against entity's accoint and eorrected in subeequent month Bank service charge Note recorded as csh reoript by entity when placed with hank for collection and note is actually collected by bank in subenguent month and credited by bank to entity's account in same month 2.032 000 160.000 2160.000 2.500000 1080.000 1.440000 180 000 80,000 W.000 408.000 50.000 4.000 0.000 2.000 200000 300.000 Required: a. Prepare a four-column reconeiliation ahowing adjuster balances. b Prepare one adjusting entry only on December 31

Problem 3-7 (IAA) Bedlam Company provided the following dats for the month of December November 0 December 21 Cash in bank account balance Bank statement balance Bank debita Bank credite Book debita Book credita Outatanding checks Deposit in trariait Check erroneoualy charged by bank against entity's accoint and eorrected in subeequent month Bank service charge Note recorded as csh reoript by entity when placed with hank for collection and note is actually collected by bank in subenguent month and credited by bank to entity's account in same month 2.032 000 160.000 2160.000 2.500000 1080.000 1.440000 180 000 80,000 W.000 408.000 50.000 4.000 0.000 2.000 200000 300.000 Required: a. Prepare a four-column reconeiliation ahowing adjuster balances. b Prepare one adjusting entry only on December 31

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 44E

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