Homework Answers
1. Balance on the bank statement prior to adjustment = Adjusted balance + Outstanding checks - Deposit in transit
= $4,968.05+502.15-396.06
= $5,074.14
2. Balance on the books prior to adjustment = Adjusted balance + Bank service charges + NSF Checks - Interest Earned
= $4,968.05+25+231.79-99.48
= $5,125.36
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of cash of $14,800. The bank reconciliation for the period showed
an adjustment for a deposit in transit of $1,200, outstanding
checks of $1,600, a NSF check of $560, bank service charges of $24
and the EFT from a customer in payment of the customer's account of
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What journal entry should be recorded by Egrane for the NSF
check returned?
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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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