The Following Data Were Gathered to Use in Reconciling the Bank

question 159

Essay

The following data were gathered to use in reconciling the bank statement of Build-A-Lot:​ $$\begin{array} { | l | r | } \hline \text { Balance per bank } & \$ 14,355 \\\hline \text { Balance per company records } & 14,010 \\\hline \text { Bank service charges } & 80 \\\hline \text { Deposits in transit } & 4,100 \\\hline \text { NSF checks } & 775 \\\hline \text { Outstanding checks } & 5,300 \\\hline\end{array}$$ Required
(1) What is the adjusted balance on the bank reconciliation?
(2) Journalize any necessary entries for Build-A-Lot based on the bank reconciliation.

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Definitions:

Level 3 Evaluation

Level 3 Evaluation measures the behavioral change and extent of application of newly learned skills in the workplace following a training program, as part of the Kirkpatrick Model.

Indirect Cost

Expenses not directly tied to the production of goods or services, such as overhead costs.

Clerical Salaries

Financial remuneration provided to employees performing administrative or secretarial tasks within an organization.

Administrative Salaries

Compensation paid to individuals occupying administrative or managerial positions, covering their roles in planning, directing, and overseeing operations.