E7-6 Sally Rice is unable to reconcile the bank balance at January 31. Sally’s reconciliation is shown here.
Prepare bank reconciliation and adjusting entries.
Cash balance per bank
Add: NSF check
Less: Bank service charge
Adjusted balance per bank
Cash balance per books
Less: Deposits in transit
Add: Outstanding checks
Adjusted balance per books
- (a) What is the proper adjusted cash balance per bank?
- (b) What is the proper adjusted cash balance per books?
- (c) Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books.
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