Business, 18.03.2021 01:10 ashiteru123

An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company’s records $11,100
Add: Outstanding checks $3,585
Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590 360
Note for $12,000 collected by bank, including interest 12,480 16,425
$27,525
Deduct: Deposit in transit on August 31 $7,200 Bank service charges 25 7,225
Cash balance according to bank statement $20,300

Required:
a. From the data prepared by the accounting clerk, prepare a new bank reconciliation for Chesner Co.,
b. If a balance sheet were prepared for Chesner Co. on July 31, 2016, what amount should be reported for cash?

Answers: 2

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An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Rec...

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