journalize the following transactions using the direct write off Using the follo

Question

journalize the following transactions using the direct write off Using the following information: a. The bank statement balance is $5,055. b. The cash account balance is $5,347 c. Outstanding checks amounted to $711. d. Deposits in transit are $956 e. The bank service charge is $38. $45 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance

Explanation / Answer

Bank Reconciliation May-31 Cash Balance as per Bank Statement                  5,055.00 Add Deposit in Transit                     956.00 Less Unpresented checks                     711.00 Adjusted balances                  5,300.00 Cash Balance as per Books                        5,347 Less Error Correcction                                9 Less Bank Service charges                              38 Adjusted balances                        5,300

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