Reference no: EM132730443
Question - Bank Reconciliation - An accounting clerk for Chesner Co. prepared the following bank reconciliation:
Chesner Co. Bank Reconciliation July 31, 20Y4
Cash balance according to company's records $7,630
Adjustments: Outstanding checks $3,660
Error by Chesner Co. in recording Check No. 1056 as $820 instead of $280540
Note for $12,000 collected by bank, including interest 12,480
Deposit in transit on July 31 (7,770)
Bank service charges (30)
Total adjustments 8,880
Cash balance according to bank statement $16,510
Required -
a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let's Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?
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