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Q1) Create a bank Reconciliation as of August 31 from following information

a) August 31 balance shown on bank statement is $9,810

b) There is a deposit in transit of 1,260 at August 31

c) Outstanding checks at august 31 totaled 1890

d) Interest credited to account during august but not recorded on company's book amounted  to 108

e) Bank charge of $36 for check was made to account during august. Though company was expecting a charge, its amount was not known until bank statement arrived

f) In process of reviewing canceled checks, it was determined that checks issued to a supplier in payments of account payable of $631 had been recorded as disbursement of $361

g) August 31 balance in general ledger Cash account before reconciliations is 9378

problems:

1. Compute the beginning balance per the bank?

2. Compute the beginning balance per the books?

3. Compute the total amount of outstanding checks?

4. Compute the total amount of deposits in transits?

5. Compute the total amount of the interest earned?

6. Compute the total amount of the errors?

7. Compute the adjusted or reconciled balance per bank?

8. Compute the adjusted or reconciled balance per books?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920483

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