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                  Using the following information, prepare a bank reconciliation for Cole Co. for May 31 of...

                  Using the following information, prepare a bank reconciliation for Cole Co. for May 31 of the current year:

(a)

The bank statement balance is $3,012.

(b)

The cash account balance is $3,165.

(c)

Outstanding checks amounted to $590.

(d)

Deposits in transit are $704.

(e)

The bank service charge is $30.

(f)

A check for $76 for supplies was recorded as $67 in the ledger.
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Answer #1
Cole Co.
Bank Reconciliation
May 31
Balance as per bank $3,012
Add: Deposits in transit $704
$3,716
Less: Outstanding Checks $590
Adjusted cash balance per books $3,126
Cash balance as per cash book $3,165   
Less: Bank service charge $30
Less: Check Issued erroneously understated ($76-$67) $9
Adjusted cash balance per books $3,126
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