Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the following information, along with the bank reconciliation procedures, determine the adjusted company balance for Bakers Co. for October 31, 2019. The bank statement

Using the following information, along with the bank reconciliation procedures, determine the adjusted company balance for Bakers Co. for October 31, 2019.

The bank statement balance is $69,875. The cash account balance is $59,785.

(a) Outstanding checks amounted to $2,755.

(b) Deposits in transit are $3,200.

(c) The bank service charge is $30.

(d) A check for $385 for supplies was recorded as $365 in the ledger.

(e) A check for $725 had been incorrectly charged by the bank as $275.

(f) The bank had collected for Bakers Co. $10,135 on a note left for collection. The face of the note was $10,000.

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

The Internal Auditing Pocket Guide Preparing Performing Reporting And Follow Up

Authors: J.P. Russell

2nd Edition

1636941303, 978-1636941301

More Books

Students also viewed these Accounting questions