The following data were gathered to use in reconciling the bank account of the Reddan Company:...
The following data were gathered to use in reconciling the bank account of the Reddan Company: Balance per the Bank Statement $18,250 Balance per Company Acctg Records $12,045 Bank Service Charge $ 30 Deposits in Transit $ 3,500 Note Collected by Bank with $160 in Interest $ 4,160 Outstanding Checks $ 5,575
a) What is the adjusted balance per the Bank _______________
b) What is the adjusted balance per the Acctg Records
Homework Answers
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Adjusted balance per bank = Unadjusted balance per bank + Deposits in transit - Outstanding checks = 18,250 + 3500 - 5575 = 16,175 |
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Adjusted balance per accounting records = 12,045 + note collected by bank - Service charge = 12,045 + 4160 - 30 = 16,175 |
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