# Problem 4-603 Bank Reconciliation OBJECTIVE o The cash account of Mason Prodmsts reveals the following information: Balance, N30 l0.100 Deposits during May 39.600 40.000 Checks written during May SHD‘I' "E HOW The bank statement for Ma).r contains the following information: Bank balance, 480 \$ 9,750 Add: Deposits during May 37,400 \$ 47,150 Less: Checks paid during May \$(38,500) NSF check from Higgins Inc. (140) Bank service charges (60) (38,700) Bank balance, SE31 3 8,450 A comparison of detailed company records with the bank statement indicates the following information: At #30 Al 5131 Deposit in transit \$900 \$3, [00 Outstanding checks 550 2,050 The bank amounts are determined to be correct. Required: 1. Prepare a bank reconciljaLion for May. 2. Prepare the adjusting entries made by Mason Products as a result of the reconciliation process. 3. What amount is reported for cash on the balance sheet at Mar, 3l?

### Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

### Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

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Chapter 4, Problem 60BPSB
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