Interest earned

Interest earned - is added to the right side of the...

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Interest earned.  Banks often pay interest on checking account balances. Interest income reported  on the bank statement has usually not been accrued by the company and, therefore, must be added  to the company's book balance on the bank reconciliation. The final transaction listed on the Vector  Management Group's bank statement is for $18 in interest that has not been accrued, so this amount 
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Unformatted text preview: is added to the right side of the following bank reconciliation. 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 1552 $1,05 7 1564 245 1565 108 1570 359 1571 802 1572 1,409 (3,980 ) Adjusted bank balance...
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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Interest earned - is added to the right side of the...

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