Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QS 8-11 (Algo) Bank reconciliation LO P3 Nolan Company's cash account shows a $20,621 debit balance and its bank statement shows $19,791 on deposit at

image text in transcribed

QS 8-11 (Algo) Bank reconciliation LO P3 Nolan Company's cash account shows a $20,621 debit balance and its bank statement shows $19,791 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,482. b. The June 30 bank statement lists $22 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $40 check written by the company was mistakenly recorded in the company's books as $49. d. June 30 cash receipts of $3,333 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 $34 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

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

Accounting For Beginners

Authors: Neel Gaines

1st Edition

1801120897, 978-1801120890

More Books

Students also viewed these Accounting questions