How do i prepare a bank reconciliation as of may 31?The cash account for Bravo Bike Co. at May 1, 2012, indicated a balance of $15,085. During May, the total cash deposited was $75,100 and checks written totaled $69,750. The bank statement indicated a balance of $25,460 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with... | |
cash account balance May 1, 2012 $15,085
+ cash deposited $75,100
- checks written $69,750
= cash account balance May 31, 2012 $20,435
add note collected $4,500
add interest collected $225
less error correction $270
less bank charges $40
less NSF check $1,100
Adjusted cash account balance May 31, 2012 $23,750
bank statement balance $25,460
less Checks outstanding $11,360
add deposit in transit $9,200
add bank error correction $450
Adjusted bank balance May 31, 2012 $23,750
