Kasten Company\'s bank statement and the check register are shown below. Assume

Question

Kasten Company's bank statement and the check register are shown below. Assume that all amounts on the bank statement are correct. October Bank Statement Check Register for October 1-Oct Beginning Balance S 1-Oct Beginning Balance 12,568 (389) (2,120) 3,100 (213) 3,440 (1,800) 1,500) 106) (25) 135 13,090 12,179 (213) (2,120) (850) 3,100 (1,500) 3,440 (789) (106) (250) 2,013 14,904 5 Check 5605 3 Check No. 5601 11 Check No. 5606 14 Deposit 15 Check No. 5605 22 Deposit 25 NSF Check No 119 28 Check No. 5608 29 Check No. 5610 30Bank Service Charge 30 Interest Earned 8 Check 5606 12 Check 5607 14 Deposit 21 Check 5608 22 Deposit 24 Check 5609 25 Check 5610 29 Check 5611 30 Deposit 30 End Balance 30 Ending Balance Based on the bank statement and check register, prepare a bank reconciliation statement dated October 31 and all necessary Journal Entries

Explanation / Answer

Bank Reconciliation Bank balance as per bank statement 13,090 Add: Deposits in transit 2,013 15,103 less: outstanding checks Chq 5607 850 Chq 5609 789 Chq 5611 250 1889 Adjusted bank balance 13,214 Cash balance as per cash register 14,904 Add: interest earned 135 15,039 less: NSF check 1,800 bank service charge 25 1,825 Adjusted cash balance 13,214

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