Required: present the bookkeeping entries that should be do byMatrix in journal entry and T-Account format

MATRIX INC. BANKRECONCILIATION

Cash balance per bank

$8,500

Cash balance per books (general ledger)

$7,320

Outstanding checks

$3,6000

Check mailed to the financial institution for deposit had

not got to the financial institution by the statement

date.

You are watching: A bank reconciliation should be prepared periodically because:

$2,050

NSF examine returned through the bank for

accounts receivable

$200

July interest earned ~ above the financial institution statement

$10

Check no. 700 because that misc. Cost cleared

the bank for $200; erroneously recorded

in the Matrix books for $20


A bank reconciliation need to be prepared periodically because:

a. The bank must make sure that its records are correct.

b. The company"s records and also the bank"s records are in agreement

c. The financial institution has no recorded all of its transactions

d. Any type of differences in between the company"s records and the bank"s records need to be determined, and also any errors do by either party need to be discovered and also corrected.


Choose the exactly answer for the below :

A financial institution reconciliation need to be prepared-

a. At any time the financial institution refuses to lend the company money.

b. When an employee is doubt of fraud.

c. To explain any kind of difference in between the depositor"s balance every books and the balance every bank.

d. Through the human being who is authorized to sign checks.

See more: What Does The Name Stephanie Mean In The Bible, What Is The Name Of Stephanie In Hebrew


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