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Using the following information: The bank statement balance is $5,289. The cash account balance is $5,764. Outstanding checks amounted to $751. Deposits in transit are $1,174. The bank service charge is $43. A check for $71 for supplies was recorded as $62 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.

Using the following information: The bank statement balance is $5,289. The cash account balance is $5,764. Outstanding checks amounted to $751. Deposits in transit are $1,174. The bank service charge is $43. A check for $71 for supplies was recorded as $62 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 2SEQ
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  1. Using the following information:

    1. The bank statement balance is $5,289.
    2. The cash account balance is $5,764.
    3. Outstanding checks amounted to $751.
    4. Deposits in transit are $1,174.
    5. The bank service charge is $43.
    6. A check for $71 for supplies was recorded as $62 in the ledger.

    Prepare a bank reconciliation for Candace Co. for May 31.

     
     
    Candace Co.
    Bank Reconciliation
    May 31
    Cash balance according to bank statement   $fill in the blank 1
    Adjustments:    
      $fill in the blank 3  
      fill in the blank 5  
    Total adjustments   fill in the blank 6
    Adjusted balance   $fill in the blank 7
    Cash balance according to company's records   $fill in the blank 8
    Adjustments:    
      $fill in the blank 10  
      fill in the blank 12  
    Total adjustments   fill in the blank 13
    Adjusted balance   $fill in the blank 14
 
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