timer Asked: Nov 11th, 2015

Question description

Bank reconciliation; Prepare a bank reconciliation as of August 31 from the following information:

A. The August 31 balance shown on the bank statement is $4,905.

B.  There is a deposit in transit of $630 at August 31.

C.  Outstanding checks at August 31 totaled $945.

D.  Interest credited to the account during August but not recorded on the company's books amounted to $54.

E.  A bank charge of $28 for checks was made to the account during August.  Although the company was expecting a charge, its amount was not known until the bank statement arrived.

F.  In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $759 had been recorded as a disbursement of $579.

G.  The August 31 blance in the general ledger Cash account, before reconciliation, is $4,744.

Tutor Answer

(Top Tutor) Studypool Tutor
School: Carnegie Mellon University
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors