Question

The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $ 18,100 Balance per company records 8,420 Bank service charges 20 Deposit in transit 3,100 Note collected by bank with $140 interest 5,400 Outstanding checks 7,400

Answer 1

What is the correct bank reconciliation?

The correct bank reconciliation would be as follows: Balance per company records 8,420 Bank service charges 20 Deposit in transit 3,100 Note collected by bank with $140 interest 5,400 Outstanding checks 7,400 Balance per bank 18,100