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Bank service charges - the rental of a safe-deposit box...

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Bank service charges.  Banks often require customers to pay monthly account fees, check printing  fees, safe-deposit box rental fees, and other fees. Unrecorded service charges must be subtracted  from the company's book balance on the bank reconciliation. The Vector Management Group's bank  statement on page 120 includes a $20 service charge for check printing and a $50 service charge for 
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Unformatted text preview: the rental of a safe-deposit box. Vector Management Group Bank Reconciliation April 30,20X8 Bank statement balance $8,202 Book balance $6,370 Add: Deposits in transit Add: Note collection plus interest less bank fee $1,565 Interest earned 18 Less: Outstanding checks 1564 245 Safe-deposit box 1565 108 rental 50 1570 359 1571 802 1572 1,409 (3,980) Adjusted bank balance...
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