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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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