Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Organic Food Co.'s cash account shows a $6,600 debit balance and its bank statement shows $5,930 on deposit at the close of business on August

image text in transcribed

Organic Food Co.'s cash account shows a $6,600 debit balance and its bank statement shows $5,930 on deposit at the close of business on August 31. 8 a. August 31 cash receipts of $2,340 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $230 NSF check from a customer, the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $2,220. d. In reviewing the bank statement, an $190 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $130 in bank service charges; the company has not yet recorded the cost of these services. 10 points & 00:36:25 Prepare a bank reconciliation using the above information. ORGANIC FOOD CO. Bank Reconciliation August 31 Book balance Bank statement balance Add: Add: 0 0 0 0 Deduct Deduct

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

Leading The Internal Audit Function

Authors: Lynn Fountain

1st Edition

0367568004, 9780367568009

More Books

Students also viewed these Accounting questions