Question
Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank...
Bank Reconciliation
An accounting clerk for Chesner Co. prepared the following bank reconciliation:
| Chesner Co. | |||
| Bank Reconciliation | |||
| July 31, 20Y4 | |||
| Cash balance according to company's records | $7,620 | ||
| Adjustments: | |||
| Outstanding checks | $3,660 | ||
| Error by Chesner Co. in recording Check | |||
| No. 1056 as $830 instead of $380 | 450 | ||
| Note for $12,000 collected by bank, including interest | 12,480 | ||
| Deposit in transit on July 31 | (7,760) | ||
| Bank service charges | (30) | ||
| Total adjustments | 8,800 | ||
| Cash balance according to bank statement | $16,420 | ||
a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
| Chesner Co. | ||
| Bank Reconciliation | ||
| July 31, 20Y4 | ||
| Cash balance according to bank statement | ||
| Add: Deposit in transit on July 31 | ||
| Deduct: Outstanding checks | ||
| Adjusted balance | ||
| Cash balance according to company's records | ||
| Add: Error in recording Check No. 1056 as $830 instead of $380 | ||
| Add: Note for $12,000 collected by bank, including interest | ||
| Total additions | ||
| Deduct: Bank service charges | ||
| Adjusted balance | ||
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