Week 1: E-text Individual Assignments
ACC/400
Week 1: E-text Individual Assignments
Financial Accounting: Tools for Business Decision Making, 4th edition
Chapter 7: Problem Set B: P7-3B
a) Prepare the bank reconciliation as of May 31, 2007.
GALENTI COMPANY
Bank Reconciliation
May 31, 2007
Cash balance per bank statement $7,964.60
Add: Deposits in transit $836.15
Bank error - Gallen Company check 290.00 1,126.15
9,090.75
Less: Outstanding checks 806.25
Adjusted cash balance per bank $8,284.50
Cash balance per books $5,681.50
Add: Collection of note receivable 3,050.00
($3,000 + $80 interest – $30 collection fee) 8,731.50
...
Solution Description
Week 1: E-text Individual Assignments
ACC/400
Week 1: E-text Individual Assignments
Financial Accounting: Tools for Business Decision Making, 4th edition
Chapter 7: Problem Set B: P7-3B
Prepare the bank reconciliation as of May 31, 2007.