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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:
- The bank statement balance is $5,226.
- The cash account balance is $5,471.
- Outstanding checks amounted to $757.
- Deposits in transit are $943.
- The bank service charge is $50.
- 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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