Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Organic Food Company's Cash account shows a $ 6 , 3 0 0 debit balance and its bank statement shows $ 5 , 7 2

Organic Food Company's Cash account shows a $6,300 debit balance and its bank statement shows $5,720 on deposit at the close of business on August 31.
a. August 31 cash receipts of $2,040 were placed in the bank's night depository after banking hours and were not recordedon the August 31 bank statement.
b. The bank statement shows a $200 NSF check from a customer; the company has not yet recorded this NSF check.
c. Outstanding checks as of August 31 total $1,920.
d. In reviewing the bank statement, an $160 check written by Organic Fruits was mistakenly drawn against Organic Food's account.
e. The August 31 bank statement lists $100 in bank service charges; the company has not yet recorded the cost of these services.
QS 6-12(Algo) Bank reconciliation LO P3
Prepare a bank reconciliation using the above information.
image text in transcribed

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

Basic Food And Beverage Cost Control

Authors: Jack E. Miller, David K. Hayes

1st Edition

ISBN: 0471579181, 978-0471579182

More Books

Students also viewed these Accounting questions

Question

What factors affect the market rates for bonds?

Answered: 1 week ago

Question

Explain the relationship between thoughts, feelings, and actions.

Answered: 1 week ago