27th Edition
WARREN + 5 others
ISBN: 9781337272094




27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Bank reconciliation

The following data were gathered to use in reconciling the bank account of Torres Company:

Balance per bank $12,175
Balance per company records 9,480
Bank service charges 50
Deposit in transit 1,800
NSF check 1,250
Outstanding checks 5,795
  1. a. What is the adjusted balance on the bank reconciliation?
  2. b. Journalize any necessary entries for Torres Company based on the bank reconciliation.


To determine

Bank Reconciliation Statement: 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.

To determine: The adjusted balance on the bank reconciliation and journal entry for bank reconciliation.


Prepare bank reconciliation statement of Company TT.

Company TT
Bank Reconciliation
Particulars Amount ($) Particulars Amount ($)
Balance 12,175 Balance 9,480


To determine
Journalize the transaction that arises from bank reconciliation statement.

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