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Question - Prepare Bank Reconciliation

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Question - Prepare Bank Reconciliation

Company ABC's bank statement dated Dec 31, 2011 shows a balance of $24,594.72. The company's cash records on the same date show a balance of $23,196.79. Following additional information is available:

1. Following checks issued by the company to its customers are still outstanding:

2. No. 846 issued on Nov 29$320.00No. 875 issued on Dec 2649.21No. 878 issued on Dec 29275.00No. 881 issued on Dec 31186.50

3. A deposit of $400.00 made on Dec 31 does not appear on bank statement.

4. An NSF check of $850 was returned by the bank with the bank statement.

5. The bank charged $50 as service fee.

6. Interest income earned on the company's average cash balance at bank was $1,237.22.

7. The bank collected a note receivable on behalf of the company. Amount received by the bank on the note was $550. This includes $50 interest income. The bank charged a collection fee of $10.

8. A deposit of $430 was incorrectly entered as $340 in the company's cash records.

Reference no: EM132651346

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