Asked by Bradley Bennett on May 14, 2024
Verified
The following data were gathered to use in reconciling the bank statement of Build-A-Lot: 
(1) What is the adjusted balance on the bank reconciliation?
(2) Journalize any necessary entries for Build-A-Lot based on the bank reconciliation.
Bank Reconciliation
The process of matching and comparing figures from the accounting records against those presented on a bank statement to ensure accuracy and consistency in the accounts.
Adjusted Balance
Represents the account balance after adjustments such as payments, credits, and interest have been factored in.
Journalize
Journalize refers to the process of recording financial transactions in the journal of an accounting system, which includes detailing debits and credits for each transaction.
- Exhibit proficiency in accurately recording cash transactions within journal entries.
- Execute bank reconciliations to modify the cash account balance.
Verified Answer
EN
Ealan NisanovMay 20, 2024
Final Answer :
(1) $13,155
Bank section reconciliation: $14,355 + $4,100 - $5,300 = $13,155
Company section of reconciliation: $14,010 - $80 - $775 = $13,155
(2)
Bank section reconciliation: $14,355 + $4,100 - $5,300 = $13,155
Company section of reconciliation: $14,010 - $80 - $775 = $13,155
(2)
Learning Objectives
- Exhibit proficiency in accurately recording cash transactions within journal entries.
- Execute bank reconciliations to modify the cash account balance.