The cash account for the Justice Company at June 30, 20X8 indicated a balance of $5900....
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The cash account for the Justice Company at June 30, 20X8 indicated a balance of $5900. The bank statement indicated a balance of $5800 on June 30, 20X8. Comparing the bank statement and the accompanying canceled checks and memoranda with the records revealed the following reconciling items: The following information is provided for Justice Company as of June 30, 20X8. 1. Deposits in transit of $9910 2. Bank service charge: $100 3. A. check drawn for $320 had been erroneously charged by the bank as $3200. 4. The bank collected on a note in the amount of $8775; The face of the note was $8500. 5. A check written for $5310 had been incorrectly recorded by Justice as $5130. 6. Customer's check for $1695 was returned by the bank as uncollectable. 7. Outstanding checks totaled $5890. Prepare a bank reconciliation, enter deductions as negative numbers. Prepare a bank reconciliation, enter deductions as negative numbers. Justice Company Bank Reconciliation June 30, 20X8 Bank Balance 5800 Book Balance 5900 Add: Add: Deposits in Transit 9910 Deduct: Deduct: Adjusted bank balance Adjusted book balance X Deduct: Deduct: Adjusted bank balance Adjusted book balance The cash account for the Justice Company at June 30, 20X8 indicated a balance of $5900. The bank statement indicated a balance of $5800 on June 30, 20X8. Comparing the bank statement and the accompanying canceled checks and memoranda with the records revealed the following reconciling items: The following information is provided for Justice Company as of June 30, 20X8. 1. Deposits in transit of $9910 2. Bank service charge: $100 3. A. check drawn for $320 had been erroneously charged by the bank as $3200. 4. The bank collected on a note in the amount of $8775; The face of the note was $8500. 5. A check written for $5310 had been incorrectly recorded by Justice as $5130. 6. Customer's check for $1695 was returned by the bank as uncollectable. 7. Outstanding checks totaled $5890. Prepare a bank reconciliation, enter deductions as negative numbers. Prepare a bank reconciliation, enter deductions as negative numbers. Justice Company Bank Reconciliation June 30, 20X8 Bank Balance 5800 Book Balance 5900 Add: Add: Deposits in Transit 9910 Deduct: Deduct: Adjusted bank balance Adjusted book balance X Deduct: Deduct: Adjusted bank balance Adjusted book balance
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To prepare a bank reconciliation for the Justice Company as of June 30 20X8 well start by listing th... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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