University:
Washington State University
Course:
ACCTG 230 | Introduction to Financial Accounting
Academic year:

2022
Views:

96

Pages:

1
Author:

rezancuk2j

The Book Nook is a small business that sells used books. The owner is attempting to reconcile their accounting records with the bank statement they recently received. They identified the following differences between their accounting records and the bank statement. The bank deducted $50 for the service fee on this account. A check received from a customer in the amount of $300 was returned by the bank due to Non-Sufficient Funds (NSF). Check number 277 written for $600 on July 7th has not been cashed by our supplier by the end of the month. An electronic funds transfer of $800 was made by the bank directly from our account for the this month’s rent Interest in the amount of $10 was earned from the bank balance during the month. A deposit was made on the 31st in the amount of $1,700, but it was not recorded on the bank statement. What is the Book Nook’s actual cash balance at the end of the month? Bank’s Cash Balance Per bank statement Deposits Outstanding Checks Outstanding Company’s Cash Balance $ 5,100 Per General Ledger 1,700 Bank Service Fee (600) NSF Check EFT – Rent Payment Interest on bank account Bank balance per reconciliation $6,200 Company balance per reconciliation $ 7,340 (50) (300) (800) 10 $6,200

Bank Reconciliation Exercise (Answer Key)

Related Documents

Recommended Documents

Description

Related Documents

Almost There!

Free up your schedule!

Take 5 seconds to unlock