Mike Piller is unable to reconcile the bank balance at January 31. Mike's reconciliation is as follows.
Cash balance per bank $3,575.58
Add: NSF check 691.47
Less: Bank service charge 20.28
Adjusted balance per bank $4,246.77
Cash balance per books $3,873.03
Less: Deposits in transit 534.39
Add: Outstanding checks 948.69
Adjusted balance per books $4,287.33
1. Prepare a correct bank reconciliation. (Round answers to 2 decimal places, i.e. $25.00 List multiple entries in order of magnitude.)
2. Journalize the entries required by the reconciliation. (Round answers to 2 decimal places, i.e. $25.00)
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