Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30: 1 Balance per Cash account, June 30. $11,994.86

Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30:

1 Balance per Cash account, June 30. $11,994.86
2 Balance per bank statement, June 30. 12,410.43
3 Deposits not reflected on bank statement. 1,232.50
4 Outstanding checks, June 30. 2,142.77
5 Service charge on bank statement not recorded in books. 18.70
6 Error by bank-Yertel Company check charged on
Young Company's bank statement. 935
7 Check for advertising expense 425
incorrectly recorded in books as 884

YOUNG COMPANY Bank Reconciliation June 30
AnswerDeposits not credited by bankEnding Balance from bank statementOutstanding checksService chargeReconciled cash balance $Answer Balance from general ledger $Answer
Add: AnswerDeposits not credited by bankEnding Balance from bank statementOutstanding checksService chargeReconciled cash balance Answer Add: Check for $Answer
Add: Bank error- Yertal Company check recorded as $Answer Answer
charged against Young Company's account Answer
Less: AnswerDeposits not credited by bankEnding Balance from bank statementOutstanding checksService chargeReconciled cash balance Answer Less: AnswerDeposits not credited by bankEnding Balance from bank statementOutstanding checksService chargeReconciled cash balance Answer
AnswerDeposits not credited by bankEnding Balance from bank statementOutstanding checksService chargeReconciled cash balance $Answer AnswerDeposits not credited by bankEnding Balance from bank statementOutstanding checksService chargeReconciled cash balance $Answer

Please answer all parts of the question.

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

Audit Planning Conduct And Closure Of Issues For Successful Resolution

Authors: Bincy Abraham, Imran Chaki, Naisarg Pujara

1st Edition

6200484961, 978-6200484963

More Books

Students also viewed these Accounting questions