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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

BANK RECONCILI ATION AND RELATED JOURNAL ENTRIES The book balance in the checking account of Kyri Enterprises as of November 30 is $2,964. The bank statement shows an ending balance of $2,525. The following information is discovered by (1) comparing last month’s deposits in transit and outstanding checks with this month’s bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement.

images

*Funds were withdrawn by Susan Kyri for personal use.

Required

  1. 1. Prepare a bank reconciliation as of November 30, 20--.
  2. 2. Prepare the required journal entries.

1.

To determine

Prepare bank reconciliation as of November 30.

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.

Prepare bank reconciliation as of November 30.

Enterprise K
Bank Reconciliation
November 30
ParticularsAmount in $Amount in $
Balance per bank statement, November 30 2,525.00
 Add: Deposits in transit  
              November 29125.00
              November 30200.00325.00
  2,850...

2.

To determine

Prepare journal entry to record the given bank transactions.

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