Bank Reconciliation The following data were gathered to use in reconciling the b

Question

Bank Reconciliation

The following data were gathered to use in reconciling the bank account of Photo Op. Company:

a. What is the adjusted balance on the bank reconciliation?
$

b. Journalize any necessary entries for Photo Op. 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 $ 11,780 Balance per company records 9,825 Bank service charges 55 Deposit in transit 1,730 NSF check 640 Outstanding checks 4,380

Explanation / Answer

a Adjusted balance on the bank reconciliation=11780+1730-4380= $9130 b Accounts Receivable 640 Miscellaneous expense 55            Cash 695

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