Answer:
Reconciliation of bank account:
Bank account balance $14,125
+ deposits in transit $3,593
- outstanding checks ($1,546) and ($793)
reconciled bank account $15,379
Reconciliation of cash account:
Cash account balance $13,060
+ Note collected by bank $3,098
- Bank fees ($69)
- Error in processing check # 1468 ($710)
reconciled cash account $15,379
Since all checks were paid at the correct amount, that means that the company's accountant made a mistake when he/she registered check #1468 and that mistake must be corrected in the cash account reconciliation.
Credit memos collected by the bank increase the company's cash account.
Debit memos (bank fees) decrease the company's cash account.
The previous month's reconciliation doesn't affect this month's reconciliation.
Explanation:
the information is incomplete, so I looked for it:
BANK STATEMENT HAZARD STATE BANK 215 MAIN STREET HAZARD, GA 30321 - Account number 62-00062 - March 31, 2018
Beginning balance 3/1/2018 $9,083
Total deposits and other credits 30,155
Total checks and other debits 25,110
Ending balance 3/31/2018 14,125
Checks and Debits
Check No. Amount
1462 $3,805
1463 1,693
1464 8,050
1465 2,951
1466 1,455
1467 6,230
DM 69
1468 860
Deposits and Credits
Date Amount
March 1 $1,150
March 2 6,554
March 6 4,987
March 12 6,219
March 17 6,013
March 22 2,134
CM 3,098
The following is a list of checks and deposits recorded on the books of Pyle Garage for March 2018:
Date Check No. Amount of Check Date Amount of Deposit
March 1 1463 $1,693 March 1 $6,554
March 5 1464 8,050 March 5 4,987
March 6 1465 2,951
March 9 1466 1,455 March 10 6,219
March 10 1467 6,230
March 14 1468 150 March 16 6,013
March 19 1469 1,546 March 19 2,134
March 28 1470 793 March 29 3,593
