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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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Section
BuyFindarrow_forward

Accounting

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

Bank reconciliation

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

Balance per bank $23,900
Balance per company records 8,700
Bank service charges 50
Deposit in transit 5,500
Note collected by bank with $450 Interest 9,450
Outstanding checks 11,300
  1. a. What is the adjusted balance on the bank reconciliation?
  2. b. Journalize any necessary entries for Conway Company based on the bank reconciliation.

(A)

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.

Explanation

Prepare bank reconciliation statement of Company C.

Company C
Bank Reconciliation
BANK BOOK
Particulars Amount ($) Particulars Amount ($)
Balance 23,900 Balance 8,700
ADD: ...

 (B)

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

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