203%20-%20Bank%20Reconciliation%20Problem.pdf Problem #3 - BANK RECONCILIATION PROBLEM (16 points) Use the following information to complete...
60.1K
Verified Solution
Link Copied!
Question
Accounting
203%20-%20Bank%20Reconciliation%20Problem.pdf Problem #3 - BANK RECONCILIATION PROBLEM (16 points) Use the following information to complete the bank reconciliation below. From Bank Statement: - Bank Balance (02/29/20): $11,380 Bank error recording mortgage payment (EFT) $1,462 instead of $1,642 - Note collected by bank from a customer (includes $75 interest) $2,175 - Interest earned on account $4 - NSF Check from customer $640 plus $40 bank charge $680 - Bank Charges $63 From Cash Ledger: - Cash Ledger Balance (2/29/20) $8,742 - Deposit in Transit $2,689 - Outstanding Checks $3,612 - Error recording receipt of Accounts Receivable $112 instead of $211 . $ Balance per Bank Add: $ Subtotal Deduct: Reconciled of Bank Balance Balance per Cash Ledger $ Add: Subtotal Deduct: Reconciled of Cash Ledger Balance EXTRA CREDIT. Up to 5 points ! | | | VMCBoo| Balance per Bank Add: $ Subtotal $ Deduct: Reconciled of Bank Balance $ Balance per Cash Ledger Add: Subtotal Deduct: Reconciled of Cash Ledger Balance EXTRA CREDIT: Up to 5 points Date Description Debit Credit O Fi 06
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
