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For bank reconciliations , Why we deduct (28) if we only recorded as 240 , the real value is 268 , shouldn't we add back
For bank reconciliations ,
Why we deduct (28) if we only recorded as 240 , the real value is 268 , shouldn't we add back 28 ?
Outstanding cheques totaled $2,417. A $500 cheque mailed to the bank for deposit had not reached the bank at the statement date. The bank returned a customer's NSF cheque for $225 received as payment of a trade receivable. The bank statement showed $30 interest earned on the bank balance for the month of July. Cheque 781 for supplies cleared the bank for $268 but was erroneously recorded in our books as $240. A $486 deposit by Acme Company was erroneously credited to our account by the bank. Bank Balance $ 9,610.00 Deposit in transit 500.00 -$ 2,417.00 24 $ 7,207.00 Outstanding Cheques Bank Error 486.00 Subtotal (true balance) $ 7,430.00 Book Balance Interest 30.00 -%24 Error 28.00 NSF Cheque (bounce) Subtotal (True Balance) -$ 225.00 $ 7,207.00Step by Step Solution
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