Ask Question
24 March, 04:15

Using the following information, prepare a bank reconciliation for Cullumber Company for May 31, 2022. a. The bank statement balance is $9,100. b. The cash account balance is $6,830. c. Outstanding checks totaled $2,460. d. Deposits in transit are $600. e. The bank service charge is $10. f. Collection of note by the bank, $420.

+3
Answers (1)
  1. 24 March, 05:49
    0
    Bank reconciliation for Cullumber Company for May 31, 2022

    Amount in $ Amount in $

    Balance per bank statement 9,100

    Less:

    Outstanding checks 2,460

    collection of note by bank 420

    Subtotal (2,880)

    Add:

    Deposit in transit 600

    Bank service charge 10

    Subtotal 610

    Balance per cash book 6,830

    Explanation:

    The bank reconciliation is one done between the balance per the books and balance per the bank statement.

    This is usually as a result of transactions known as reconciling items. These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Using the following information, prepare a bank reconciliation for Cullumber Company for May 31, 2022. a. The bank statement balance is ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers