An accounting clerk for Chesner Co. prepared the following bank reconciliation:

Question

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 $5,400 Adjustments: Outstanding checks $2,590 Error by Chesner Co. in recording Check No. 1056 as $710 instead of $170 540 Note for $8,500 collected by bank, including interest 8,840 Deposit in transit on July 31 (5,500) Bank service charges (70) Total adjustments 6,400 Cash balance according to bank statement $11,800 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

Explanation / Answer

Bank Reconciliation Particular Amount Bank Balance as per Company           5,400 Add: Outstanding Cheques           2,590 Add: Error by Chesner Co.              540 Add: Note collected by Bank incl Int           8,840 Less: Bank Charges              (70) Less: Despoit in transit         (5,500) Balance as per Bank Statement        11,800

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