Bank Reconciliation The following data were gathered to use in reconciling the bank account of Lays...
Bank Reconciliation
The following data were gathered to use in reconciling the bank account of Lays Company:
| Balance per bank | $ 25,670 |
| Balance per company records | 21,410 |
| Bank service charges | 120 |
| Deposit in transit | 3,780 |
| NSF check | 1,390 |
| Outstanding checks | 9,550 |
a. What is the adjusted balance on the bank
reconciliation?
$
b. Journalize any necessary entries for Lays Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.
Homework Answers
ANSWER:
Bank reconciliation statement:
| Balance as per bank | $25670 |
| Add: deposit in transit | $3780 |
| Less: outstanding checks | (9550) |
| Adjusted balance | $19900 |
| Unadjusted balance as per book | $21410 |
| Less:NSF check | ($1390) |
| Less: Bank service charges | ($120) |
| Adjusted balance | $19900 |
Journal entry:
| Account title | Debit | Credit |
|---|---|---|
|
Accounts receivable Bank service charges Cash |
$1390 $120 . |
. . $1510 |
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