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College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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The reconciled bank balance?

Transcribed Image Text:The bank statement balance of $7,000 does not include a check
outstanding of $1,000, a deposit in transit of $275, and another
company's $250 check erroneously charged against your firm's
account. The reconciled bank balance is:
a. $6,580
b. $6,375
c. $6,525
d. $6,570
Expert Solution

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- Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance: $6,626 Deposits in transit: $1,600 Outstanding checks: $599 and $1,423 Bank charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense.arrow_forwardPlease give answer for this questionarrow_forwardNeed help with this questionarrow_forward
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