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Citizen Bank sent a bank statement to Bane Co. showing an ending balance of $1,480. On the bank statement there was a service charge of $20. The bookkeeper of Bane Co. noticed in the reconciliation process a deposit in transit of $200 along with checks outstanding of $300. Complete the reconciliation for Bane assuming a checkbook balance of $1,400.
a. $1,400.
b. $1,830,00.
c. $1,138.00.
d. $1,380.00.
f. None of these.

Sagot :

ayokenny2001

The reconciliation balance for Bane Co. would be:

  • Adjusted bank balance $1,380
  • Adjusted cash balance $1,380

What is bank reconciliation?

Bank reconciliation statement summarizes banking and business activity, reconciling an entity's bank account with its financial records. Bank reconciliation process confirms that two separate records of transactions in an account are equal.

                                 

                                 Bane Co. company

                 Bank Reconciliation for the month ended.

Ending balance on the bank statement $1,480

Add:

Deposit in transit of $200

Less:

Checks outstanding $300

Adjusted bank statement $1,380

Company's books

Ending balance per cash account $1,400

Less:

Service charge $20

Adjusted cash balance $1,380

Therefore,

Bane Co.'s bank statement are:

  • Adjusted bank balance $1,380
  • Adjusted cash balance $1,380

Learn more about bank reconciliation here : https://brainly.com/question/24865118

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