Question
Preparing a bank reconciliation Brett Knight Corporation operates four bowling alleys. The business just received the October 31 bank statement from City National Bank, and
Preparing a bank reconciliation
Brett Knight Corporation operates four bowling alleys. The business just received the October 31 bank statement from City National Bank, and the statement shows an ending balance of $905. Listed on the statement are an EFT rent collection of $410, a service charge of $10, NSF checks totaling $70 and a $30 charge for printed checks. In reviewing the cash records, the business identified outstanding checks totaling $450 and a deposit in transit of $1,775. During October, the business recorded a $310 check by debiting Salaries Expense and crediting Cash for $31. The business Cash account shows an October 31 balance of $2,209.
Requirements
Prepare the bank reconciliation at October 31.
Journalize any transactions required from the bank reconciliation.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started