Bank Reconciliation The following data were gathered to use in reconciling the bank account of Crystal Company: Balance per bank $28,240 Balance per company records 10,280 Bank service charges 60 Deposit in transit 6,500 Note collected by bank with $530 interest 11,170 Outstanding checks 13,350 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Crystal Company based on the bank reconciliation. If an amount box does not require an entry

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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these are the drop down options 

  • Accounts Payable
  • Accounts Receivable
  • Cash
  • Cash Short and Over
  • Miscellaneous Expense
  • Accounts Payable
  • Cash
  • Cash Short and Over
  • Interest Revenue
  • Notes Receivable
Bank Reconciliation
The following data were gathered to use in reconciling the bank account of Crystal Company:
Balance per bank
$28,240
Balance per company records
10,280
Bank service charges
60
Deposit in transit
6,500
Note collected by bank with $530 interest
11,170
Outstanding checks
13,350
a. What is the adjusted balance on the bank reconciliation?
b. Journalize any necessary entries for Crystal Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
Transcribed Image Text:Bank Reconciliation The following data were gathered to use in reconciling the bank account of Crystal Company: Balance per bank $28,240 Balance per company records 10,280 Bank service charges 60 Deposit in transit 6,500 Note collected by bank with $530 interest 11,170 Outstanding checks 13,350 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Crystal Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
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