Question

Using the following information, prepare a bank reconciliation for Jax Company for June 30, 2020. a.  ...

Using the following information, prepare a bank reconciliation for Jax Company for June 30, 2020.

a.   The bank statement balance is $8,300.

  1. The cash account balance is $6,562
  2. Outstanding checks totaled $1,950.
  3. Deposits in transit are $600.
  4. The bank service charge is $12.
  5. Collection of note by the bank, $400.

Homework Answers

Answer #1

bank reconciliation is prepared to reconcile the difference in balance between books and bank statement.

Any outstanding checks are deducted from bank statement balance as theyare not yet presented but have already been given effects in books

Deposits in transit are added as they will increase the bank balance

service charge and collection by bank are deducted and added respectively from book bank balance.

bank reconciliation for Jax Company for June 30, 2020.
Balance as per bank $8,300 Balance as per book $6,562
Add: deposits in transit $600 Less: service charges ($12)
Less:Outstanding checks ($1,950) Add: note collected by bank $400
Adjusted balance $6,950 Adjusted balance $6,950

Thus after reconciling teh balance as per books and bank have matched.

Pleas eupvote

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