Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bank Reconciliation Tiny Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement indicated the following: Balance, beginning of the month $15,640

image text in transcribedimage text in transcribed

Bank Reconciliation Tiny Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement indicated the following: Balance, beginning of the month $15,640 Service charge for October 65 80 Interest earned during October NSF check from Green Corp. (deposited by Tiny) for goods purchased on account 615 Note ($2,500) and interest ($75) collected for Tiny from a customer 2,575 An analysis of canceled checks and deposits and the records of Tiny revealed the following items: Checking account balance per Tiny's books $12,951 Outstanding checks as of October 31 1,410 Deposit in transit at October 31 750 Error in recording a check issued by Tiny. (Correct amount of the check is $606, but was recorded as a cash disbursement of $660. The check was issued to pay for merchandise originally purchased on account) 54 1. Prepare a bank reconciliation at October 31, 2019, in proper form. Tiny Corp Bank Reconciliation October 31, 2019 Cash balance from bank statement Add: Less: Adjusted cash balance Cash balance from company records Add: Less: Adjusted cash 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

Students also viewed these Accounting questions

Question

Describe the major elements and issues with waterfall development.

Answered: 1 week ago

Question

11. Explain what dreams are, why we have them, and what they mean.

Answered: 1 week ago