Use the following bank statement and T-account to prepare the May 31 bank reconc

Question

Use the following bank statement and T-account to prepare the May 31 bank reconciliation. Bank Statement Ending Balance per Bank Statement Additions / Deductions Section (Bank Error / Bank Service Charges / Deposit in Transit / Eft Payment / NSF Check / Outstanding check #3 / Outstanding Checks #4 / Outstanding Check #5 / Outstanding Check #6 / Outstanding Check #7 / Outstanding Check #8) Company's Books Ending balance per cash Account Additions / Deductions (Bank Error / Bank Service Charges / Deposit in Transit / Payment / NSF Check / Outstanding check #3 / Outstanding check #4 / Outstanding check #5 / Outstanding check #6 / outstanding check #7 / Outstanding check #8

Explanation / Answer

Bank Reconciliation as on May 31

Balance nas per bank as on May 31 = $ 275

Add:

1) cheque deposited but not credited by bank (may3)= $230

2) NFC charges debited by bank but not accounted in cash book(may 12) = $90

3) service charges debited by bank but not accounted in cash book (may 31) = $45

Less:

1) Cheque issued but not presented for payment (may 4) = ($110)

2) cheque issued but not presented for payment (may 29) = ($65)

Closing balance as per cash book as on may 31 = $465

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