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Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 2014 Cash balance according to company's
Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 2014 Cash balance according to company's records $6,250 $3,000 Adjustments: Outstanding checks Error by Chesner Co. in recording Check No. 1056 as $820 instead of $280 540 10,190 Note for $9,800 collected by bank, including interest Deposit in transit on July 31 (6,360) (60) Bank service charges Total adjustments 7,310 Cash balance according to bank statement $13,560 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let's Review section. For those boxe in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation Chesner Co. Bank Reconciliation July 31, 2014 13,560 Cash balance according to bank statement Add: Deposit in transit on July 31 6,360 Deduct: Outstanding checks 3,000 X Adjusted balance 3,360 x $ Cash balance according to company's records Add: Error in recording Check No. 1056 as $820 instead of $280 Add: Note for $9,800 collected by bank, including interest 19,990 x Total additions Deduct: Bank service charges 60 X Adjusted balance $ 13,560 X
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