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Principles of Accounting Volume 1

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

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 8, Problem 8EA
Textbook Problem
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Prepare the journal entry to reconcile the bank statement in EA7.

To determine

Concept introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side.

To prepare:

The journal entries for the bank reconciliation.

Explanation of Solution

The Bank Reconciliation Statement is prepared as follows:

Bank Reconciliation Statement
Bank SideBook Side
Balance as per Bank statement $ 3,678 Balance as per Cash Book $ 2,547
Add: Add:
Deposit in transit $ 321 Collection of Note $ 1,000
Collection of Interest on Note $ 35
Less: Less:
Outstanding Checks (108+334) $ 442 Bank Service Charges $ 25
Reconciled Balance

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Chapter 8 Solutions

Principles of Accounting Volume 1
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