Use the Information Below to Prepare a Bank Reconciliation for Martindale

question 90

Essay

Use the information below to prepare a bank reconciliation for Martindale Company for the month of January.
• Outstanding checks as of January 31 amounted to $2,223.
• Deposits in transit as of January 31 amounted to $1,879.
• The ending balance per the January bank statement is $36,482.
• The bank statement shows that Martindale earned $150 of interest on its bank balance for the month of January.
• The bank mistakenly recorded a deposit of $2,800 as $280 on January 15.
• The company pays its insurance of $986 by EFT.
• Bank collected rent for the company,$3,000.Bank statement had EFT receipt from a Martindale customer of $481.
• There was a NSF check on the bank statement for $368
• The ending cash balance per the books for January before any adjustments was $36,381.

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Definitions:

Organizational Environment

Encompasses all external and internal factors that influence the operations, culture, and performance of an organization.

Competitive Position

Describes an organization's relative standing in its industry or market, based on factors like market share, quality of products, and brand reputation.

Resource Allocation

The process of assigning and managing assets in a manner that supports an organization's strategic goals.

Goal Development

The process of identifying, setting, and planning how to achieve objectives.