Reference no: EM133062858

Question - Krazy Kids is trying to reconcile their cash account for the month of December. They know the following information:

Balance Per Bank Statement $14,950

Balance Per General Ledger Account $19,050

Bank Fee for December $50

Deposit in Transit $5,000

Outstanding Checks $1,000

A check received for $100 from an Accounts Receivable customer was returned by the Bank for insufficient funds $100

We wrote a check to a Vendor for $550 and the Bank incorrectly showed it as $500 $?

1. Does the Cash Account reconcile? Prove it via a reconciliation.

2. Journalize any necessary entries for Krazy Kids based on the bank reconciliation. You will need to use the Chart of Accounts from above.