Question

6- Given the following, prepare a bank reconciliation for May 31: The bank statement shows an ending balance for May of $1190 Our general ledger balance shows an ending balance for May of $154 On 5/31 we recorded a deposit for $350 that doesn't show on the bank statement. The bank statement deducted $210 (the amount of our customer's check which bounced). We mistakenly deducted $196 for check #701, it correctly cleared the bank for $140 We deducted $595 of checks that weren't on the bank statement (outstanding checks). We correctly recorded check #788 for $245, but the bank mistakenly deducted $189 The bank deducted $35 (its monthly service charge). The bank collected a $490 note on our behalf. The bank added $14 to our account for interest earned this month. The bank statement shows an electronic funds transfer (EFT) of $420 into the account. Bank Balance Add: Book Balance Add: Deduct: Adjusted Bank Balance Adjusted Bank Balance

Answer 1

Amount Amount $ 1,190 $ 154 $ $ $ 350 210 35 56 56 595 Answer: Particulars Bank balance Add: Deposite in transis Check Bounce Charges Bank Service Charges Less: Erronous Amount Check 701 Check 788 Oustanding Checks Note Receivable on behalf Interest Recevene EFT Amount Adjusted bank baalnce Particulars Book balance Add: Erronous Amount Check 701 Check 788 Oustanding Checks Note Receivable on behalf Interest Recevene EFT Amount Less: Deposite in transis Check Bounce Charges Bank Service Charges Adjusted bank baalnce $ $ $ $ $ $ 490 14 420 $ $ $ $ $ $ $ (56) (56) (595) (490) (14) (420) 154 $ $ $ $ (350) (210) (35) 1,190