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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

When the bank statement is received on July 3, it shows a balance, before reconciliation, of $5,200 as of June 30. After reconciliation, the adjusted balance is $3,100. If one deposit in transit amounted to $1,200, what was the total of the outstanding checks, assuming that no other adjustments would be made to the bank statement?

To determine

Compute the amount of outstanding checks in 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 amount of outstanding checks in the bank reconciliation.

Bank Reconciliation
July 31, 20--
Bank statement balance$5,200
Add: Deposits in...

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