The following data 14 ere accumulated for use in

Question

• Entrias based on bank reconciliation                                                  

Which of the reconciling item.. listed in Exercise 7-16 require an entry in the company's accounts?

• $ Bank reconciliation                                                                                        

The following data 14 ere accumulated for use in reconciling the bank account of Zek's Co. for May 2016:

1.  Cash balance according to the company's records at May 31, 2016, $22,110.

2.    Cash balance according to the bank statement at May 31, 2016, $29,650.

3.    Checks outstanding, 813,875.

4.    Deposit in transit, not recorded by bank, 0,770.

5.    A check for 850 in payment of an account was erroneously recorded in the check register as $500.

6.    Bank debit memo for service charges, $15.

a.    Prepare a hank reconciliation, using the format shown in Exhibit 13.

b.    If the balance sheet were prepared for Zek's Co. on May 31, 2016, what amount should be reported for rash?

c.    Must a bank reconciliation always balance (reconcile)?