The following data were gathered to use in reconciling the bank account of Redda
ID: 2545027 • Letter: T
Question
The following data were gathered to use in reconciling the bank account of Reddan Company:
a. What is the adjusted balance on the bank reconciliation?
b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.
Balance per bank $18,250 Balance per company records 12,045 Bank service charges 30 Deposit in transit 3,500 Note collected by bank with $160 interest 4,160 Outstanding checks 5,575
Explanation / Answer
a Adjusted balance on the bank reconciliation=18250+3500-5575= $16175 b Miscellaneous Expense 30 Cash 30 Cash 4160 Notes Receivable 4000 Interest Revenue 160
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