Asked by Cierra Clark on Jun 29, 2024
Verified
The following data were gathered to use in reconciling the bank account of Savannah Company:? Balance per bank $16,750 Balance per company records 16,125 Bank service charges 80 Deposit in transit 2,195 NSF check 950 Outstanding checks 3,850\begin{array} { | l | r | } \hline \text { Balance per bank } & \$ 16,750 \\\hline \text { Balance per company records } & 16,125 \\\hline \text { Bank service charges } & 80 \\\hline \text { Deposit in transit } & 2,195 \\\hline \text { NSF check } & 950 \\\hline \text { Outstanding checks } & 3,850 \\\hline\end{array} Balance per bank Balance per company records Bank service charges Deposit in transit NSF check Outstanding checks $16,75016,125802,1959503,850 What is the adjusted balance on the bank reconciliation?
Bank Reconciliation
The process of comparing and contrasting the bank statement with a company's financial records to identify any discrepancies.
Bank Service Charges
Fees charged by banks for various services such as account maintenance, transactions, or overdrafts.
Deposit In Transit
Money that has been received and recorded by a company but has not yet been reflected in the bank's records.
- Detect and elaborate on the features of a bank reconciliation and its significance.
Verified Answer
EM
Ethan MenserJul 02, 2024
Final Answer :
$15,095 ($16,750 + $2,195 - $3,850) or ($16,125 - $80 - $950)
Learning Objectives
- Detect and elaborate on the features of a bank reconciliation and its significance.