Don wyatt is unable to reconcile the bank balance at january 31. don wyatt’s reconciliation is as follows. cash balance per bank $3,560.20 add: nsf check 490.00 less: bank service charge 25.00 adjusted balance per bank $4,025.20 cash balance per books $3,875.20 less: deposits in transit 530.00 add: outstanding checks 730.00 adjusted balance per books $4,075.20(a) prepare a correct bank reconciliation (b) journalize the entries required by the reconciliation.

a)                                                        Amount in $  

Balance per bank statement     3,560.20  

Deposit in transit                               530.00  

Outstanding check                      (730.00)

Bank charges                                 25.00  

NSF Check                                       490.00

Book balance                             3,875.20  

b)

Debit Bank charge $25

Credit Cash account $25

Being entries to recognize bank charges for the period.

Explanation:

Considering the transaction, Deposit in transit has been recognized in the books and will thus be added to the balance per bank. The bank charge was deducted from the bank balance but is yet to be deducted from the book balance hence it is added back to the bank balance. The outstanding check has been deducted from the books hence the deduction from the bank. See the reconciliation below.

                                                      Amount in $  

Balance per bank statement     3,560.20  

Deposit in transit                               530.00  

Outstanding check                      (730.00)

Bank charges                                 25.00  

NSF Check                                       490.00

Book balance                             3,875.20  

b) The entries required is the recognition of the bank charge in the books

Debit Bank charge $25

Credit Cash account $25

Being entries to recognize bank charges for the period.

answer; (c) communism and socialism;

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