Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nolan Company's cash account shows a $24,767 debit balance and its bank statement shows $24.845 on deposit at the close of business on June 30.

image text in transcribed
image text in transcribed
Nolan Company's cash account shows a $24,767 debit balance and its bank statement shows $24.845 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,468. b. The June 30 bank statement lists $27 in bank service charges; the company has not yet recorded the cost of these services G. In reviewing the bank statement, a $50 check written by the company was mistakenly recorded in the company's books as $59. d. June 30 cash receipts of $2.405 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 $33 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: Deduct Deduct: Adjusted bank balance Adjusted book balance

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

Strategic Market Management

Authors: David A. Aaker

4th Edition

0471309567, 9780471309567

More Books

Students also viewed these Accounting questions

Question

What was the problem with the changes to ITTs manual?

Answered: 1 week ago

Question

Who do you know that is a member of a microcultural group?

Answered: 1 week ago