Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Cash account of Reese Corporation had a balance of $3,540 at October 31, 2018. Included were outstanding checks totaling $1,800 and an October 31
The Cash account of Reese Corporation had a balance of $3,540 at October 31, 2018. Included were outstanding checks totaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement. The bank statement, which came from Turnstone State Bank, listed an October 31 balance of $5,570. Included in the bank balance was an October 30 collection of $600 on account from a customer who pays the bank directly. The bank statement also showed a $30 service charge, $10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50. Read the requirement. Prepare a bank reconciliation to determine how much cash Reese actually had at October 31. (Include the balances at October 31 in each of the addition subtotal calculations.) Reese Corp. Bank Reconciliation October 31, 2018 Bank Books Balance, October 31 Balance, October 31 Add: Add: Subtotal Subtotal Less: Less: Adjusted bank balance Adjusted book balance Reese has cash of $ at October 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started