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Bank Reconciliation Example

Bank Reconciliation For Lassiter Incorporated May 30, 20X5 Problem: Prepare a Bank Reconciliation Statement and Journal Entries dated May 30, 20x5, based on the following list of receipts and payments that were made by Lassiter Incorporated: May 20X5 Cash Reciepts Date 2-May 9-May 9-May 16-May 23-May 30-May May 20X5 Cash Disbursements Date 3-May 10-May 10-May 10-May 17-May 24-May 24-May 31-Mar

Reciepts $100 200 100 400 200 30

Deposits $100

Check No. 101 102 103 104 105 106 107 108

Amount $50 150 20 10 200 560 30 20

From the company's check book records: Cash Balance (in bank) May 1, 20X5: $300 Cash Balance (in bank) May 31, 20X5: $560

Bank Reconciliation - Lassiter.xls

300 400 200 300


Bank Reconciliation Example May 31, 20X5 Bank Statement for Lassiter Inc. from Bank One Account of: Lassiter Incorporated Date 20x5 30-Apr 4-May 6-May 11-May 18-May 19-May 25-May 26-May 31-May 31-May

Check No. Amount

Deposits 100

101 102 104

50 150 10

300 400

105 107 106

200 30 NSF ($10) 560 2 SC

200

Tickmark Legend SC - Service Charge NSF- Not Sufficient Funds (Bank One Charges $10 fee for all NSF Checks) Col- Collection Charge EC- Error Charge

Bank Reconciliation - Lassiter.xls

Balance 300 400 350 490 890 690 850 290 288 288


Bank Reconciliation Example Answer Lassiter Incorporated Bank Reconciliation Statement May 30, 20X5 Checkbook Balance Less:

Service Charge N.S.F. Charge

$560 $2 $10

Bank Balance: Less outstanding Checks Check #103 Check #108 Total Outstanding Checks

$12

Add: Adjusted Checkbook Balance

May 30, 20X5 Bank Service Charges N.S.F. Expense Cash * To record the adjusting entry

Bank Reconciliation - Lassiter.xls

$288

548

Deposits in Transit

Adjusted Bank Balance:

2 10 12

$20 20 40 248 300 548


Bank Reconciliation Example