Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Beckett Company received its bank statement for the month ending June 30, 2022, and reconciled the statement balance to the June 30, 2022, balance in

Beckett Company received its bank statement for the month ending June 30, 2022, and reconciled the statement balance to the June 30, 2022, balance in the Cash account. The reconciled balance was determined to be $6,769. The reconciliation recognized the following items:

  1. Deposits in transit were $3,325.
  2. Outstanding checks totaled $2,725.
  3. Bank service charges shown as a deduction on the bank statement were $65.
  4. An NSF check from a customer for $624 was included with the bank statement. Beckett Company had not been previously notified that the check had been returned NSF.
  5. Included in the canceled checks was a check written for $730. However, it had been recorded as a disbursement of $980.

Required:

Prepare the Bank reconciliation statement for the month ending June 30, 2022.

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

A One-Year Accounting Course Part 2

Authors: Trevor Gambling

1st Edition

0080130267, 9780080130262

More Books

Students also viewed these Accounting questions

Question

Explain the significance of employee selection.

Answered: 1 week ago

Question

Discuss the performance appraisal process.

Answered: 1 week ago