Question

Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30: 1 Balance per Cash account, June 30. $14,111.60 2 Balance per bank statement, June 30. 14,600.50 3 Deposits not reflected on bank statement. 1,450 4 Outstanding checks, June 30. 2,520.90 5 Service charge on bank statement not recorded in books. 22.0 6 Error by bank-Yertel Company check charged on Young Company's bank statement. 1,100 7 Check for advertising expense 500 incorrectly recorded in books as 1,040

Answer 1

	Bank Reconiciliation
	Balance per bank statement					14,600.50
	Add:error in recording				1,100
	Add:Deposit in transit				1,450	2,550
						17,150.50
	less:checks outstanding					2,520.90
	adjusted bank balance					14,629.60
	unadjusted cash balance					14,111.60
	Add:Error in recording chq			(1040-500)		540
						14,651.60
	less:
	Service charges					22
	Adjusted cash balance					14,629.60