An accounting clerk for Chesner Co. prepared the following bank reconciliation:

A. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Let's Review section.

B. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?

Expert Solution

Bank reconciliation :

Balance as per bank statement	20300
Add: Deposit in transit	7200
	27500
Less: Outstanding checks	-3585
Adjusted balance	23915

Unadjusted balance as per company records	11100
Add: Notes collection by bank	12480
Add; Error in cheque	360
	23940
Less: Bank charges	-25
Adjusted balance as per cash book	23915

2) Cash should be reported at = $23915

ekkarill92 answered 2 years ago

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An accounting clerk for Chesner Co. prepared the following bank reconciliation:

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