Using the following information, prepare a bank reconciliation for Abell Co for

Question

Using the following information, prepare a bank reconciliation for Abell Co for May 31, 2011 a The bank statement balance is $ 2,497. b The cash account balance is $ 2,580. c Outstanding checks amunted to $ 703. d Deposits in transit are $ 732. e The bank service charge is $ 25. f Interest added to the checking account by the bank is $ 7. g A check drawn for $ 59 was incorrectly charged by the bank as $ 95. Abell co Bank Reconciliation For Month of May 2011 Using the following information, prepare a bank reconciliation for Abell Co for May 31, 2011 a The bank statement balance is $ 2,497. b The cash account balance is $ 2,580. c Outstanding checks amunted to $ 703. d Deposits in transit are $ 732. e The bank service charge is $ 25. f Interest added to the checking account by the bank is $ 7. g A check drawn for $ 59 was incorrectly charged by the bank as $ 95. Abell co Bank Reconciliation For Month of May 2011

Explanation / Answer

Bank Reconciliation Balance as per bank statement 2,497 Add: deposits in transit 732 Bank error (95-59) 36 3,265 less: outstanding checks 703 Adjusted balance 2,562 Balance as per cash account 2,580 Add: interest added 7 2,587 less: bank service charge 25 Adjusted balance 2,562

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