Prepare a bank reconciliation dated December 31, 2020, for Nittany Inc. based on the following information....

Prepare a bank reconciliation dated December 31, 2020, for Nittany Inc. based on the following information.

∙ Balance per bank statement is $1,000.

∙ Balance per books is $900.

∙ The December bank statement indicated a service charge of $30.

∙ Cheque #1169 for $400 made out to a supplier was mailed, but not yet received by the bank.

. Cheque #1183 for $270 to a supplier was incorrectly posted by Nittany as $720 in the books.

∙ The bank had not received a deposit in transit of $900 when the bank statement was generated.

∙ A bank debit memo indicated an NSF cheque written by Bill Broke to Nittany Inc. on December 11, 2020, for $150.

∙ A bank credit memo indicated a bank collection of $300 and interest revenue of $30 on December 15, 2020. Nittany has yet to record this receipt

Expert Solution

Nittany Inc.
Bank Reconciliation
Dec 31,2020
Particulars	Amount
Cash Balance per Company's Records	900
Add: Cheq # 1169 not received by Bank	400
Add: Cheq # 1183 incorrectly entered in Company Records	450
Add: bank collection	300
Add: Interest Revenue	30
	2,080
Less: Deposit in Transit	-900
Less: Bank Service Charges	-30
Less: NSF cheque	-150
Balance as per Bank Statement	1,000

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