Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nolan Company's cash account shows a $ 2 9 , 7 4 8 debit balance and its bank statement shows $ 2 9 , 7

Nolan Company's cash account shows a $29,748 debit balance and its bank statement shows $29,761 on deposit at the close of business on June 30.
Outstanding checks as of June 30 total $2,090.
The June 30 bank statement lists $40 in bank service charges; the company has not yet recorded the cost of these services.
In reviewing the bank statement, a $70 check written by the company was mistakenly recorded in the companys books as $79.
June 30 cash receipts of $2,084 were placed in the banks night depository after banking hours and were not recorded on the June 30 bank statement.
The bank statement included a $38 credit for interest earned on the companys cash in the bank. The company has not yet recorded interest earned.
Prepare a bank reconciliation using the above information.

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

ISE Managerial Accounting

Authors: Stacey M. Whitecotton, Robert Libby, Fred Phillips

5th Edition

1265117896, 9781265117894

More Books

Students also viewed these Accounting questions

Question

1. Critically discuss treatment approaches for violent offenders.

Answered: 1 week ago

Question

4 Name four appraisal methods.

Answered: 1 week ago

Question

8 What problems can occur with appraisal?

Answered: 1 week ago