Why do businesses need to prepare a bank reconciliation statement and give six examples of the common activities that necessitate a bank reconciliation statement?
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Why do businesses need to prepare a bank reconciliation statement and give six examples of the common activities that necessitate a bank reconciliation statement?
A. What is a bank reconciliation and why is it important for companies to do it periodically? B. Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of $9,000. Cash account of $7,500. Additional information for the reconciliation: Deposit in transit. NSF Check. Outstanding check. Collections made by the bank. Required: provide an amount of each information to bring the adjusted balances to be equal
Use the following bank statement and account to prepare the May 31 bank reconciliation.
Use the following bank statement and T-account to prepare the May 31 bank reconciliation.
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data you can use
B. Prepare a Bank Reconciliation Statement for XYZ company that has: • Bank statement of $9,000. - Cash account of $7,500. Additional information for the reconciliation: Deposit in transit. NSF Check Outstanding check. Collections made by the bank. Required: provide an amount of each information to bring the adjusted balances to be equal (2 Marks).
bank reconciliation
Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Burgoon Enterprises on May 31: a. The balance on the May 31 bank statement is $8,432.11. b. Not included on the bank statement is a $1,250 deposit made by Burgoon Enterprises late on May 31. c. A comparison between the canceled checks returned with the bank statement and the company records indicated that the following checks are outstanding at May 31: No....
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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...
Melissa Jackson, bookkeeper for Kinko Company, cannot prepare a bank reconciliation. The bank statement showed a $4,000.27 balance. Melissa's checkbook showed a $4,064.22 balance. Melissa placed a $516.40 deposit in the bank's night depository on June 30, 2015. The deposit did not appear on the bank statement. The bank included two DMs and one CM with the returned checks: $716.85 DM for NSF check, $11.60 DM for service charges, and $453.20 CM (less $25.00 collection fee) for collecting a $453.20...