Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense. Prepare the journal entry to reconcile the bank statement. ***** I need both... prepare a bank reconcilition and prepare a journal entry. thank you so much.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...
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Using the following information, prepare a bank reconciliation.

  • Bank balance: $12,565.
  • Book balance: $13,744.
  • Deposits in transit: $2,509.
  • Outstanding checks: $1,777.
  • Bank charges: $125.
  • Bank incorrectly charged the account for $412. The bank will correct the error next month.
  • Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.

Prepare the journal entry to reconcile the bank statement.

***** I need both... prepare a bank reconcilition and prepare a journal entry. thank you so much. 

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