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Bank Reconciliation The following data were gathered to use in reconciling the bank account of Lays...

Bank Reconciliation
The following data were gathered to use in reconciling the bank account of Lays Company:
Balance per bank$ 24,220Balance per company records20,205Bank service charges115Deposit in transit3,570NSF check1,310Outstanding checks9,010

a.  What is the adjusted balance on the bank reconciliation?
$

b.  Journalize any necessary entries for Lays Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.

    

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Answer #1
Bank Reconcilation
Balance as per bank 24,220
Add:Deposit in transit 3,570
27,790
less:oustanding checks -9,010
Adjusted bank balance 18,780
Balance as per cash book 20,205
less:
Bank service charge 115
NSF 1,310 1,425
Adjusted Cash Balance 18,780
Journal Entries
Accounting titles & Explanations Debit Credit
Bank service charge 115
Accounts receivable 1,310
cash 1,425
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