Using the following information, prepare a bank reconciliation. • Bank balance: $6,988 • Book balance: $6,626 • Deposits in transit: $1,600 • Outstanding checks: $599 and $1,423 • Bank charges: $75 • Bank incorrectly charged the account $75. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense.

FindFind

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
FindFind

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 8, Problem 11EA
Textbook Problem

Using the following information, prepare a bank reconciliation.

• Bank balance: $6,988

• Book balance: $6,626

• Deposits in transit: $1,600

• Outstanding checks: $599 and $1,423

• Bank charges: $75

• Bank incorrectly charged the account $75. The bank will correct the error next month.

• Check number 2456 correctly cleared the bank in the amount of $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense.

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Chapter 8 Solutions

Principles of Accounting Volume 1
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