Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the following information prepare a bank reconciliation for ABC Company on January 31, 2014 and any required adjusting entries. The bank service charge for

Using the following information prepare a bank reconciliation for ABC Company on January 31, 2014 and any required adjusting entries.

The bank service charge for January was $25.

The bank collected a note receivable plus $90 interest for a total of $3,990.

Interest earned on the bank account and not recorded was $45.

Book balance at January 31, 2003 was $20,330.

Deposits in transit totaled $4,000.

Outstanding checks were $4,500.

A check for $400 to a creditor on account that cleared the bank in January was journalized and posted for $420.

A salary check to an employee for $275 was recorded by the bank for $285.

The bank statement showed a balance $24,850

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

More Books

Students also viewed these Accounting questions

Question

Group Size and Communication

Answered: 1 week ago

Question

Understanding Group Roles

Answered: 1 week ago