Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nolan Company's cash account shows a $21470 debit balance and its bank statement shows $21.985 on deposit at the close of business on June


Nolan Company's cash account shows a $21470 debit balance and its bank statement shows $21.985 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,808. b. The June 30 bank statement lists $28 in bank service charges, the company has not yet recorded the cost of these services. E. in reviewing the bank statement, e $20 check written by the company was mistakenly recorded in the company's books as $29. d. June 30 cash receipts of $2,310 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement . The bank statement included a $36 credit for interest earned on the company's cash in the benk. The company has not yet recorded interest earned. Prepere a bank reconcilation using the above information. NOLAN COMPANY Bank Reconcilation June 30 Bank statement balance Book balance Add Ade: Dedut Detuct Ausied ber twce Adusted book tance recorded interest earned. Prepare a bank reconciliation using the above information. NOLAN COMPANY Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Bank service charges Deposit of June 30 Deduct: Interest earned Outstanding checks Recording error on check Adjusted book balance Bank Reconciliation June 30 Book balance Add: Bank service charges Deposit of June 30 Interest earned Outstanding checks Recording error on check

Step by Step Solution

3.40 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

Answer1 Required Bank Reconciliation Bank statement bal 2... 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

Financial Accounting Information For Decisions

Authors: John J. Wild

10th Edition

1260705587, 978-1260705584

More Books

Students also viewed these Accounting questions