Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Beckett Co. received its bank statement for the month ending June 30, 2016, and reconciled the statement balance to the June 30, 2016, balance in
Beckett Co. received its bank statement for the month ending June 30, 2016, and reconciled the statement balance to the June 30, 2016, balance in the Cash account. The reconciled balance was determined to be $6,182. The reconciliation recognized the following items:
- Deposits in transit were $3,401.
- Outstanding checks totaled $2,540.
- Bank service charges shown as a deduction on the bank statement were $52.
- An NSF check from a customer for $608 was included with the bank statement. Beckett Co. had not been previously notified that the check had been returned NSF.
- Included in the canceled checks was a check written for $710. However, it had been recorded as a disbursement of $990.
Required:Prepare the Bank reconciliation statement for the month ending June 30, 2016.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started