Question
ABC Corporation provides the following bank statement and cash account information for May 2023: Bank Statement (May 2023) Description Amount ($) Beginning Balance $20,000 Deposits
ABC Corporation provides the following bank statement and cash account information for May 2023:
Bank Statement (May 2023)
Description | Amount ($) |
Beginning Balance | $20,000 |
Deposits | $25,000 |
Withdrawals | ($15,000) |
Bank Service Charges | ($50) |
Ending Balance | $30,950 |
Cash Account (May 2023)
Description | Amount ($) |
Beginning Balance | $15,000 |
Deposit in Transit | $10,000 |
Outstanding Checks | $5,000 |
Bank Service Charges | ($50) |
Ending Balance | ? |
Prepare a bank reconciliation statement for ABC Corporation's cash account as of May 31, 2023, reconciling any differences between the bank statement and the cash account.
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