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Using the following information: The bank statement balance is $5,226. The cash account balance is $5,471. Outstanding checks amounted to $757. Deposits in transit are

Using the following information:

  1. The bank statement balance is $5,226.
  2. The cash account balance is $5,471.
  3. Outstanding checks amounted to $757.
  4. Deposits in transit are $943.
  5. The bank service charge is $50.
  6. A check for $50 for supplies was recorded as $41 in the ledger.

Prepare a bank reconciliation for Candace Co. for May 31.

Cash balance according to bank statement $fill in the blank 1
Adjustments:
Bank service chargeDeposits in transit not recorded by bankError in recording checkDeposits in transit not recorded by bank $Deposits in transit not recorded by bank
Bank service chargeError in recording checkOutstanding checksOutstanding checks Outstanding checks
Total adjustments fill in the blank 6
Adjusted balance $fill in the blank 7
Cash balance according to company's records $fill in the blank 8
Adjustments:
Bank service chargeDeposits in transit not recorded by bankOutstanding checksBank service charge $Bank service charge
Deposits in transit not recorded by bankError in recording checkOutstanding checksError in recording check Error in recording check
Total adjustments fill in the blank 13
Adjusted balance

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