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

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