What is the adjusted balance on the bank, Ask an Expert

Accounting

The following data were gathered to use in reconciling the bank account of ABC, Inc.

Balance per bank
$17,400

Balance per company records
5,765

Bank Service charges
125

Deposit in transit
3,000

Note collected by bank with $360 interest
9,360

Outstanding checks
5,400

a) What is the adjusted balance on the bank reconciliation?

b) Journalize any necessary entries for ABC, Inc. based on the bank reconciliation.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9445967

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