The following data were gathered to use in reconciling the bank statement of Build-A-Lot:
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.
Definitions:
Adjusted Cash Balance
The cash amount shown in the accounting records after adjustments have been made for checks, deposits in transit, and other items.
May Bank Reconciliation
A process undertaken to verify the accuracy of financial records by comparing the May bank statement with the company's internal records.
Deposits in Transit
Funds that have been recorded by a company but not yet by its bank, typically due to timing differences.
Bank Reconciliation
The process of comparing and adjusting a company's book balance of an account with the balance reported by a bank to find any possible discrepancies.
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