Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nolan Company's cash account shows a $21.470 debit balance and its bank statement shows $21.985 on deposit at the close of business on June 30.

image text in transcribed
Nolan Company's cash account shows a $21.470 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, c. In reviewing the bank statement, a $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. e. The bank statement included a $36 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information NOLAN COMPANY Bank Reconciliation June 30 Book balance Add: Bank statement balance Add: 0 0 0 0 Deduct Deduct 0 0 $ $ Adjusted bank balanca 0 Adjusted book balance 0

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

Environmental Auditing Fundamentals And Techniques

Authors: J. Ladd Greeno

2nd Edition

091509410X, 978-0915094103

More Books

Students also viewed these Accounting questions