Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Cash account of Queen City Security Systems reported a balance of $2,390 at December 31, 2024. There were outstanding checks totaling $1,500 and

image

The Cash account of Queen City Security Systems reported a balance of $2,390 at December 31, 2024. There were outstanding checks totaling $1,500 and a December 31 deposit in transit of $400. The bank statement, which came from Tri Cities Bank, listed the December 31 balance of $4,160. Included in the bank balance was a collection of $680 on account from Carol Lajoy, a Queen City customer who pays the bank directly. The bank statement also shows a $30 service charge and $20 of interest revenue that Queen City earned on its bank balance. Prepare Queen City's bank reconciliation at December 31. Queen City Security Systems Bank Reconciliation Bank: Balance, December 31, 2024 ADD: December 31, 2024 LESS: Adjusted bank balance, December 31, 2024 Book: Balance, December 31, 2024 . ADD: LESS: Adjusted book balance, December 31, 2024

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

Step: 3

blur-text-image

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

Horngrens Financial And Managerial Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

6th Edition

978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857

More Books

Students also viewed these Accounting questions