Question
Sky Company is unable to reconcile the bank balance at January 31. Skys reconciliation is as follows. Cash balance per bank $5,300 Add: NSF check
Sky Company is unable to reconcile the bank balance at January 31. Skys reconciliation is as follows.
Cash balance per bank | $5,300 | |
Add: NSF check | 1,570 | |
Less: Bank service charge | 35 | |
Adjusted balance per bank | $6,835 | |
Cash balance per books | $5,705 | |
Less: Deposits in transit | 750 | |
Add: Outstanding checks | 1,950 | |
Adjusted balance per books | $6,905 |
Partially correct answer iconYour answer is partially correct.
Prepare a correct bank reconciliation. (List items that increase cash balance first.)
SKY COMPANY Bank Reconciliation choose the accounting period At January 31For the Month Ended January 31For the Year Ended January 31 | ||||||
---|---|---|---|---|---|---|
select an opening name for section one Cash balance per bank statementAdjusted cash balance per bankDeposits in transitOutstanding checksNSF checkBank service charge | $enter a dollar amount | |||||
select between addition and deduction AddLess: | select a reconciling item Cash balance per bank statementAdjusted cash balance per bankDeposits in transitOutstanding checksNSF checkBank service charge | enter a dollar amount | ||||
enter a subtotal for two previous amounts | ||||||
select between addition and deduction AddLess: | select a reconciling item Cash balance per bank statementAdjusted cash balance per bankDeposits in transitOutstanding checksNSF checkBank service charge | enter a dollar amount | ||||
select a closing name for section one Cash balance per bank statementAdjusted cash balance per bankDeposits in transitOutstanding checksNSF checkBank service charge | $enter a total amount for section one | |||||
select an opening name for section two Cash balance per booksAdjusted cash balance per booksDeposits in transitOutstanding checksNSF checkBank service charge | $enter a dollar amount | |||||
| select a reconciling item Cash balance per booksAdjusted cash balance per booksDeposits in transitOutstanding checksNSF checkBank service charge | $enter a dollar amount | ||||
select a reconciling item Cash balance per booksAdjusted cash balance per booksDeposits in transitOutstanding checksNSF checkBank service charge | enter a dollar amount | |||||
enter a subtotal for two previous amounts | ||||||
select a closing name for section two Cash balance per booksAdjusted cash balance per booksDeposits in transitOutstanding checksNSF checkBank service charge | $enter a total amount for section two |
eTextbook and Media
List of Accounts
Partially correct answer iconYour answer is partially correct.
Journalize the entries required by the reconciliation. Hint: For Bank Service Charge use Miscellaneous Expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
1. | enter an account title to record NSF check | enter a debit amount | enter a credit amount |
enter an account title to record NSF check | enter a debit amount | enter a credit amount | |
(To record NSF check.) | |||
2. | enter an account title to record bank service charge | enter a debit amount | enter a credit amount |
enter an account title to record bank service charge | enter a debit amount | enter a credit amount | |
(To record bank service charge.) |
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