question archive The bank statement for Diago Corporation showed a balance of $70,688
The bank statement for Diago Corporation showed a balance of $70,688
Subject:FinancePrice: Bought3
The bank statement for Diago Corporation showed a balance of $70,688.88 on December 31,2017. The balance of the cash ledger account was $65,194.43. In comparing the bank balance with the cash balance in the accounting records, Diago's accountant discovered the following;
A. Outstanding Checks amounting $18,830.
B. A check in payment of an account payable was recorded in the accounting records for $857.20; the correct amount of the check was $875.20.
C. A customer's check for $739.90 was returned marked NSF. No journal entry hand been made in the accounting records to record this check.
D. A deposit is transit of $12,565.70.
E. The bank's service charge was $11.95.
Instructions;
A. Prepare bank reconciliation for Diago Corporation on December 31, 2017.
B. Prepare a journal entry for Diago Corporation on December 31, 2017.
