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Bank reconciliation
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Illustration
AppleCorporationhasthefollowinginformationforthemonthendedJune30,
2015:
Cashbalancesperbankstatement,June30,2015
Cashbalancepercompanyrecords,June30,2015
249,223.00
248,758.80
Thebankstatementdisclosedthefollowinginformation:
1. Acustomernotefor24,000plus240interestwascollectedonJune30,2015.
2. Acustomercheckfor2,762.80wasreturnedbecauseofinsufficientfunds(NSF
check).
3. Themonthservicechargewas300.
Continuation
Areviewofthecompanyrecorddisclosedthefollowing:
1. Adepositfor22,857.40mailedtothebankonJune29,2015didnotappearonthe
bankstatement.
2. Customercheckstotaling6,548.00wereonhandattheendofJuneawaiting
deposit.
3. ThefollowingcompanycheckswereoutstandingattheendofJune:
#862
1,923.80 #864
2,943.60 #865
5,265.00
4.Check#843writtenfor1,824.00inpaymentofacreditoraccountandincludedwith
thecanceledchecksinthebankstatementhasbeenerroneouslyrecordedas 384in
thecompanyrecords
Take notes!
Book reconciling items
1. Credit memos. Note
collected by bank and
interest income
2. Debit memos. Bank service
charge and NSF check
3. Errors. Erroneous
recording of check #843
1.
2.
3.
Bulacan Corporation
Bank reconciliation
June 30, 2015
Balance per bank
statement
Add: Deposit in
transit
Checks on
hand
249,22
3.00
Add: Note
collected by bank
22,857.
40
6,548.0
0
Total
29,405.
40
Interest
income
248.75
8.80
24,000.
00
240.00
Total
Deduct:
Outstanding
checks
#862
1,923.8
0
#864
2.943.6
Deduct: Bank
service charge
NSF check
returned
Error I recording
24,240.
00
272,998
.80
300.00
2,762.8
0
Accounting
tutorial
Accounting is an art that
cannot be easily understood. For
the past 2 years of my teaching
experience, I observed many
accountancy and non-accountancy
students got problem in studying
accounting subjects.
Subjects offered
1.
2.
3.
4.
5.
6.
7.
Basic accounting.
Partnership and corporation accounting.
Financial accounting 1, 2, and 3.
Advanced accounting 1 and 2.
Cost accounting 1 and 2.
Taxation 1 and 2.
Obligations and contracts.