Conway Company reported the following information: Cash balance on balance sheet (12/31) .............. $22,066 Pre-reconciliation cash account

Question:

Conway Company reported the following information:
Cash balance on (12/31) .............. $22,066
Pre-reconciliation cash account balance (12/31) .......... 23,916
Bank Statement (12/31) .................... 23,220
Bank Service Charges .................... 350
Bank Debit Memos (utility payments) .............. 1,500
Deposits in transit (12/31) ................... 9,160
Required:
1. Calculate the amount of outstanding checks as of December 31st.
2. Prepare the adjusting entries that Conway must make at December 31st. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...