Reference no: EM131207966
The following data were accumulated for use in reconciling the bank account of Zek’s Co. for May 2016:
1. Cash balance according to the company’s records at May 31, 2016, $24,403.
2. Cash balance according to the bank statement at May 31, 2016, $31,504.
3. Checks outstanding, $13,345.
4. Deposit in transit, not recorded by bank, $6,727.
5. A check for $55 in payment of an account was erroneously recorded in the check register as $550.
6. Bank debit memo for service charges, $12.
A. Prepare a bank reconciliation, using the format shown in Exhibit 13. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. The word “Deduct:” or “Add:” will automatically appear if it is required.
B. If the balance sheet were prepared for Zek’s Co. on May 31, 2016, what amount should be reported for cash? C. Must a bank reconciliation always balance (reconcile)?
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: The following data were accumulated for use in reconciling the bank account of Zek’s Co. for May 2016: Cash balance according to the company’s records at May 31, 2016, $24,403. Prepare a bank reconciliation, using the format shown in Exhibit 13. Refe..
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