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SMU Tax Services gathered the following information to prepare their bank reconciliation for the month of October, 2021    Cash Balance according to the bank statement at Oct. 31, 2021 = $11,935 Cash Balance according to the company’s records at Oct. 31, 2021 = $11,185 Deposits in transit at Oct. 31, 2021 = $1,125 Outstanding checks at Oct. 31, 2021 = $2,080 A deposit of $20 was incorrectly recorded by the company as $200 The bank assessed a service charge of $25

SMU Tax Services gathered the following information to prepare their bank reconciliation for the month of October, 2021    Cash Balance according to the bank statement at Oct. 31, 2021 = $11,935 Cash Balance according to the company’s records at Oct. 31, 2021 = $11,185 Deposits in transit at Oct. 31, 2021 = $1,125 Outstanding checks at Oct. 31, 2021 = $2,080 A deposit of $20 was incorrectly recorded by the company as $200 The bank assessed a service charge of $25

FINANCIAL ACCOUNTING
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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SMU Tax Services gathered the following information to prepare their bank reconciliation for the month of October, 2021 

 

  • Cash Balance according to the bank statement at Oct. 31, 2021 = $11,935
  • Cash Balance according to the company’s records at Oct. 31, 2021 = $11,185
  • Deposits in transit at Oct. 31, 2021 = $1,125
  • Outstanding checks at Oct. 31, 2021 = $2,080
  • A deposit of $20 was incorrectly recorded by the company as $200
  • The bank assessed a service charge of $25

 

 

 

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