Homework Help is Here – Start Your Trial Now!
Business
Accounting
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,719 . Deposits in transit: $1,790 Outstanding checks: $589 and $1,423 Bank service 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 $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank. ● ● . ●

Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,719 . Deposits in transit: $1,790 Outstanding checks: $589 and $1,423 Bank service 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 $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank. ● ● . ●

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EA: Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance:...
See similar textbooks
icon
Related questions
Question
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,719 Deposits in transit: $1,790 Outstanding checks: $589 and $1,423 Bank service 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 $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
Transcribed Image Text:Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,719 Deposits in transit: $1,790 Outstanding checks: $589 and $1,423 Bank service 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 $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
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.
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Quickbooks Online Accounting
Quickbooks Online Accounting
Accounting
ISBN:
9780357391693
Author:
Owen
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS