Bank Reconciliation The following information is available for Company X for the

Question

Bank Reconciliation The following information is available for Company X for the month of November . Company X's cash account in its books showed an November 30 balance of $72.477.60 b. Company X's bank statement shows a balance on November 30 of $77,658.70 Deposits in transit totaled $3,032.00 on November 30 checks totaling S4.090 00 were outstanding at the end of November. The bank statement included a charge against the account in the amount of $47.20 for bank services charges that were not yet recorded on the corporation's books. by the bank on behalf of Company X customer that was subsequently returned to Company X's bank and marked 'Not Sufficient f. Included among the deposits was a $4,200 note plus S105.00 interest that had been collected g.A debit memo was included with the bank statement bank was for a check S$134.70 from a Funds Instructions: Prepare a bank reconciliation for November 30, 2017 Company X Bank Reconciliation Balance per bank Add Deduct Adjusted book balance Balance per books Add Deduct Prepare the necessary journal entry to adjust the cash account based on the bank reconciliation. Date Account Titles and Explanations DebitsCredits

Explanation / Answer

Bank reconciliation Balance per bank 77658.7 Add: Deposits in transit 3032 80690.7 Deduct: Outstanding checks 4090 Adjusted book balance 76600.7 Balance per books 72477.6 Add: Note collection 4305 76782.6 Deduct: Bank service charge 47.2 NSF check 134.7 181.9 Adjusted book balance 76600.7 2 Nov-30 Cash 4305       Notes receivable 4200        Interest revenue 105 Nov-30 Bank service charge 47.2          Cash 47.2 Nov-30 Accounts receivable 134.7          Cash 134.7

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