Iron Company receives a bank statement dated April 30 that shows a balance of $3,276.82. Iron’s checkbook balance, as of April 30, is $3,205.37. The bank has not processed check 892 for $45 or check 895 for $640. A $550 deposit made on April 30 does not appear on the bank statement. The bank statement shows a few items that Iron is unaware of: check printing charges of $65 and interest earned of $11.45. Iron recorded check 890 as $122, but the bank processed the check correctly as $132. Find the reconciled balance by completing the bank reconciliation:

BANK RECONCILIATION In a Simple Word, Reconciling the Balance as Shown in the Cash Book and Pass…

Answered: Iron Company receives a bank statement…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Iron Company receives a bank statement dated April 30 that shows a balance of $3,276.82. Iron’s checkbook balance, as of April 30, is $3,205.37. The bank has not processed check 892 for $45 or check 895 for $640. A $550 deposit made on April 30 does not appear on the bank statement. The bank statement shows a few items that Iron is unaware of: check printing charges of $65 and interest earned of $11.45. Iron recorded check 890 as $122, but the bank processed the check correctly as $132. Find the reconciled balance by completing the bank reconciliation:

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions