Question
Exercise 1 The following information were taken from the books of Lite Company: a.Lite Company received its June 30 bank statement: Statement summary:Balance, June 123,000Deposits
Exercise 1
The following information were taken from the books of Lite Company:
a.Lite Company received its June 30 bank statement:
Statement summary:Balance, June 123,000Deposits and other credits11,600Checks and other debits(12,120)Interest earned on this statement100Ending balance, June 3022,580
b.Account transactions:
DepositDisbursements1-Jun2,0001-Jun#611,0008-Jun3,0007-Jun#632,00017-Jun45009-Jun#663,00022-Jun210014-Jun#641,42017-Jun#6540023-Jun#601,10027-Jun#672,10028-Jun#591,10011,60012,120
c.Cash Account
.Balance June 123,900Checks13,220Deposits12,300601,0008-Jun3,000611,00017-Jun4,5006290022-Jun2,100632,00030-Jun2,700641,42065400663,000672,100681,300
d.Bank reconciliation at May 31:
Bank balance23,000Add:deposit in transit2,000Total25,000Less:outstanding checks1,100Book balance23,900
Required: [need bank reconciliation and give the necessary entries.
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