Hinson 8-1 Bank Reconciliation

Hinson 8-1 Bank Reconciliation - (1,800 Corrected cash...

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Intermediate Accounting I Assignment 8-1 Bank Reconciliation Jamie Hinson February 26, 2008 Exercise 7-26 Step 1: Bank Balance to Corrected Balance Balance per bank statement $38,018 Add: Deposits outstanding 8,370* Deduct: Checks outstanding (8,420) Corrected cash balance $37,968 Step 2: Book Balance to Corrected Balance Balance per books $38,918 Add: Note collected by bank 3,320 Deduct: Service charges (30) NSF checks (1,200) Error – understatement of check
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Unformatted text preview: (1,800) Corrected cash balance $39,208 *6300+1800+270 (all corrections for outstanding checks) I cannot get the two balances to match up perfectly – not sure what I’m doing wrong. Adjusting journal entries Miscellaneous expense (bank service charges) 30 Accounts receivable (NSF checks) 1200 Accounts payable (error in check to supplier) 3320 Cash 4550...
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This note was uploaded on 09/08/2010 for the course ACCOUNTING 320 taught by Professor Hickman during the Spring '10 term at Heidelberg.

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Hinson 8-1 Bank Reconciliation - (1,800 Corrected cash...

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