Question
The Bead Company is a maker of fine beaded Necklaces and Bracelets. Please prepare a Bank Reconciliation for The Bead Co. for the month
The Bead Company is a maker of fine beaded Necklaces and Bracelets. Please prepare a Bank Reconciliation for The Bead Co. for the month ended November 30, 2016. The following information is available to reconcile the Bead Company's Book Balance of Cash with its Bank Statement balance as of November 30, 2016: #1. According to the November Bank Statement, the Balance on the Checking account on 11/30/16 is $140,326. #2. The Cash Account on the Company Books shows a Balance of $148,072. #3. The Bead Company made a Deposit of $25,326 on 11/30/16 which is not included in the Bank Statement. #4. The Following checks were issued by the Bead Company during November but have not yet appeared on the Bank statement: Check #: 1147 1156 1270 Amount $7,350 $8,400 $1,526 #5. The Bank collected interest on Note Receivable on behalf of the Bead Company. The Bank Statement shows that $500 was collected during November. #6. The Bank Statement shows Two NSF Checks were returned with the May Statement. These were from customers Smith and Jones for $242 and $162, respectively.
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