Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Please help me with the deposit in transit, thanks in advance The statement from Jackson County Bank on December 31 showed a balance of $27,513.

image text in transcribedimage text in transcribed

Please help me with the deposit in transit, thanks in advance

The statement from Jackson County Bank on December 31 showed a balance of $27,513. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank collected a note receivable of $2,300 for Sheffield Company on December 15 . 2. The December 31 receipts were deposited in a night deposit vault on December 31 . These deposits were recorded by the bank in January. 3. Checks outstanding on December 31 totaled $1,300. 4. On December 31, the bank statement showed an NSF charge of $690 for a check received by the company from L. Bryan, a customer, on account. Prepare a bank reconciliation as of December 31 based on the available information. (Hint: The cash balance per books is $27,303. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase cash balance first. Reconcile cash balance per bank first.) December 31, 2022 Cash balance per bank statement Adjusted cash balance per bank Adjusted cash balance per books $ $ 27303 $ 28913

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_2

Step: 3

blur-text-image_3

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

Patient Care Audit Criteria

Authors: Jean Gayton Carroll

1st Edition

0870943928, 978-0870943928

More Books

Students explore these related Accounting questions