Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can anyone help with this? Problem 3 Bank Reconciliation 18 points Clark Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement
can anyone help with this?
Problem 3 Bank Reconciliation 18 points Clark Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for May, 2014, indicated the following: Balance, May 31, 2014 Service c 60 100 NSF check from Nark Co Note ($4,000) and interest ($180) collected for Clark from a customer of 4,180 An analysis of canceled checks and deposits and the records of Clark revealed the following items: Checking account balance per Clark's books Outstanding checks as of May 31 Deposit in transit at May 31 Error in recording check #205 issued by Clark $58,570 6,630 780 360 The correct amount of check #205 is S590, but it was recorded as a cash disbursement of $950. The check was issued to pay for merchandise purchases. The check appeared on the bank statement correctly Complete the bank reconciliation in the schedule below at May 31, 2014, in proper form. Balance per bank statement, May 31 Add Deduct: Adjusted balance, May 31 Balance per books, May 31 Add Deduct Adjusted balance, May 31
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