Microsoft Corporation has provided the following information for the month of January 2024: Bank balance per company
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Question:
Microsoft Corporation has provided the following information for the month of January 2024:
- Bank balance per company records: $50 million
- Bank balance per bank statement: $45 million
- Outstanding checks: $5 million
- Deposits in transit: $8 million Additionally, the company incurred bank service charges of $200,000 and identified an error in recording a check for $2 million. Prepare a bank reconciliation statement and adjust Microsoft Corporation's cash balance accordingly.
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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