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Question - Bank Reconciliation
The following data were gathered to use in reconciling the bank account of Lays Company:
Balance per bank $34,020
Balance per company records 28,380
Bank service charges 160
Deposit in transit 5,010
NSF check 1,850
Outstanding checks 12,660
a. What is the adjusted balance on the bank reconciliation?
Set up two columns: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each column. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error.
b. Journalize any necessary entries for Lays Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.
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