(L. OBJ. 6) Preparing a bank reconciliation [20-25 min]
Fred Root operates four bowling alleys. He just received the February 28 bank statement from City National Bank, and the statement shows an ending balance of $890. Listed on the statement are an EFT rent collection of $420, a service charge of $15, NSF checks totaling $75, and a $25 charge for printed checks. In reviewing his cash records, Root identified outstanding checks totaling $475 and a deposit in transit of $1,765. During February, he recorded a $270 check by debiting Salary expense and crediting Cash for $27. His Cash account shows a February 28 balance of $2,118.
Requirements
1. Prepare the hank reconciliation at February 28.
2. Journalize any transactions required from the bank reconciliation.
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