The following data were gathered to use in reconciling the bank account of Conwa
ID: 2445618 • Letter: T
Question
The following data were gathered to use in reconciling the bank account of Conway Company:
Balance per bank
$23,900
Balance per company records
8,700
Bank service charges
50
Deposit in transit
5,500
Note collected by bank with $450 interest
9,450
Outstanding checks
11,300
a. What is the adjusted balance on the bank reconciliation?
b. Journalize any necessary entries for Conway Company based on the bank reconciliation.
Balance per bank
$23,900
Balance per company records
8,700
Bank service charges
50
Deposit in transit
5,500
Note collected by bank with $450 interest
9,450
Outstanding checks
11,300
Explanation / Answer
Bank book: $23900 + $5500 – $11300 = $18100 Company book : $8700 + $9450 – $50 = $18100 Dr Cr 1 Misc. Expense 50 Cash 50 2 Cash 9450 Notes receivable 9000 Interest revenue 450
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