Question

Calculate the adjusted bank balance and book balance for a company given the following information: Bank Balance December 31, 2018: $15,000 Book Balance December 31, 2018: $9,000 Outstanding checks: $12,000 Deposits in transit: $500 12 Interest paid on balance $200 $75 Bank Fees $525 NSF Check $5.100 9:50 AM Bank EFT Payments: O a e to search

Answer 1

Credit Bank Reconciliation Ending Cash Balance per Bank $ 15,000 Ending Cash Balance per Books $ 9,000 Accounts tittle Accounts receivable Bank Debit $ 525 $ 525 Add: Deposits in Transit 500 Add: Interest $ 200 |Bank Service charges expense | $ Bank 75 || $ Less: Outstanding Checks $ (12,000) Less: Customer NSF $ (525) 75 Less : Bank Fee $ (75) $5.100 Accounts payable Bank $ 5.100 Less: Bank EFT payments $ (5,100) $ 200 Bank Interest Income = Adjusted Bank Balance $ 3,500 = Adjusted Book Balance S 3,500 $ 200