The following information is available for Ashland Company for the month ending June 30, 2017

Question

" ¢ Balance as per the bank statement is $11,240.
" ¢ Balance as per books is $10,200

• Check #506 for $1,200 and check #510 for $900 were not shown on the June 30 bank statement.
• A deposit in transit of $3,110 had not been received by the bank when the bank statement was generated.
• A bank debit memo indicated an NSF check for $85 written by Maddie Wolfe to Ashland Company on June 13.
• A bank credit memo indicated a note collected by the bank of $2,100 and interest revenue of $55 on June 20.
• The bank statement indicated service charges of $20.

Prepare bank reconciliation for Ashland Company for June 30, 2017.
What will be an ideal response

Answer 1

Ashland Company
Bank Reconciliation
June 30, 2017

Bank Book
Balance, June 30, 2017 $ 11,240 Balance, June 30, 2017 $ 10,200
ADD: ADD:
1. Deposit in transit 3,110 4. Note collected by bank 2,100
5. Interest revenue 55

LESS: LESS:
2. Outstanding check #506 1,200 6. NSF check 85
3. Outstanding check #510 900 7. Bank service charge 20
Adjusted balance, Adjusted balance,
June 30, 2017 $ 12,250 June 30, 2017 $ 12,250