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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Fill in the missing amounts for the following bank reconciliation:

images

To determine

Compute the missing amounts (a) to (f) and complete the bank reconciliation.

Explanation

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

Compute the missing amounts (a) to (f) and complete the bank reconciliation.

Bank Reconciliation
March 31, 20--
Bank statement balance $3,764
Add: Deposits in transit (a)  267
  4,031
Deduct: Outstanding checks:  
 Number: 211$212 
 Number: 225(b)  320 
 Number: 228318850
Adjusted bank statement balance (c)   $3,181
   
Ledger balance of cash $2,837
Add: Note collected by bank 430
  (d)  3,267
Deduct:   
 Bank service and collection charge...

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