Exercise 1
Prepare a Bank Reconciliation for: Candace Co. by May 31:
The bank statement balance is $2,936.
The cash account balance is $3,194.
Outstanding checks amounted to $465.
Deposits in transit are $655.
The bank service charge is $50.
A check for $97 for supplies was recorded as $79 in the ledger.
Exercise 2.
Roper Electronics received their bank statement for the month of August with an ending balance of $11,740. Roper determined that check #613 for $155 and
check #601 for $420 were outstanding. In addition, a deposit of $6,900 for August 30 was in transit at the end of the month. Northern Regional Bank also
cashed a $5,000 note receivable on August 1 that was issued on March 1. The accrued interest is $250. Northern Regional Bank charged a $35 fee for the
collection service. The bank statement discloses a bank service charge of $20. A customer check for $68 was returned with the bank statement marked
“NSF”. The ending balance of Roper’s cash account is $12,938.
