Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6- Given the following, prepare a bank reconciliation for May 31: The bank statement shows an ending balance for May of $510 Our general ledger

image text in transcribed
6- Given the following, prepare a bank reconciliation for May 31: The bank statement shows an ending balance for May of $510 Our general ledger balance shows an ending balance for May of $66 We correctly recorded check #788 for $105, but the bank mistakenly deducted $81 The bank deducted $15 (its monthly service charge). The bank collected a $210 note on our behalf. The bank added $6 to our account for interest earned this month. The bank statement shows an electronic funds transfer (EFT) of $180 into the account. On 5/31 we recorded a deposit for $150 that doesn't show on the bank statement. The bank statement deducted $90 (the amount of our customer's check which bounced). We mistakenly deducted $84 for check #701, it correctly cleared the bank for $60 We deducted $255 of checks that weren't on the bank statement (outstanding checks). Bank Balance Add: Book Balance Add: Deduct: Adjusted Bank Balance Adjusted Bank Balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Transformation Regulation Digitalisation And Sustainability

Authors: Jan Marton, Fredrik Nilsson, Peter Öhman

1st Edition

103253303X, 978-1032533032

More Books

Students also viewed these Accounting questions