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The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31, $15,270. 2. Cash balance according to the bank statement at July 31, $16,190. 3. Checks outstanding, $3,100. 4. Deposit in transit, not recorded by bank, $2,490. 5. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50.

The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31, $15,270. 2. Cash balance according to the bank statement at July 31, $16,190. 3. Checks outstanding, $3,100. 4. Deposit in transit, not recorded by bank, $2,490. 5. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50.

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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Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31, $15,270. 2. Cash balance according to the bank statement at July 31, $16,190. 3. Checks outstanding, $3,100. 4. Deposit in transit, not recorded by bank, $2,490. 5. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50.
Transcribed Image Text:Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31, $15,270. 2. Cash balance according to the bank statement at July 31, $16,190. 3. Checks outstanding, $3,100. 4. Deposit in transit, not recorded by bank, $2,490. 5. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50.
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