The following information is needed to reconcile the cash balance for Jackson Lawn Services
" ¢ A deposit of $5,800 is in transit.
" ¢ Outstanding checks total $1,500.
" ¢ The book balance is $6,800 at February 28, 2017
• The bookkeeper recorded a $1,740 check as $17,400 in payment of the current month's rent.
• The bank balance at February 28, 2017 was $18,000.
• A deposit of $400 was credited by the bank for $4,000.
• A customer's check for $3,700 was returned for nonsufficient funds.
• The bank service charge is $60.
Based on this information, prepare a bank reconciliation for Jackson Lawn Services as of February 28, 2017.
What will be an ideal response
Bank Book
Balance, February 28, 2017 $18,000 Balance, February 28, 2017 $6,800
Add: Add:
Deposit in transit 5,800 Correction of book error 15,660
Less: Less:
Outstanding checks 1,500 NSF check 3,700
Correction of bank error 3,600 Bank service charge 60
_________ _________
Adjusted balance Adjusted balance
February 28, 2017 $18,700 February 28, 2017 $18,700
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