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Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: $18,520 Chesner Co. Bank Reconciliation July 31, 2014 Cash balance according to
Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: $18,520 Chesner Co. Bank Reconciliation July 31, 2014 Cash balance according to company's records Adjustments: Outstanding checks Error by Chesner Co. in recording Check No. 1056 as $875 instead of $785 Note for $15,000 collected by bank, including interest Deposit in transit on July 31 $4,780 90 15,600 (11,300) Bank service charges (45) Total adjustments 9,125 $27,645 Cash balance according to bank statement a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let' enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 2014 Cash balance according to bank statement Check My Work Email in All work saved. Chesner Co. Bank Reconciliation July 31, 2014 Cash balance according to bank statement Add: Deposit in transit on July 31 Deduct: Outstanding checks Adjusted balance Cash balance according to company's records Add: Error in recording Check No. 1056 as $875 instead of $785 po dond Add: Note for $15,000 collected by bank, including interest Total additions Deduct: Bank service charges Adjusted balance Feedback Check My Work a. Set up two sections: one for the company cash account section and the other for the bank balance section. Determine the effed when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an iter b. If a balance sheet were prepared for Chesner Co. on July 31, 2014, what amount should be reported for cash
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