ACCT1501 Practice Exam Questions & Solutions

QUESTION 1 (6 Marks)Bank Reconciliation The following information is given about Nadak Co.: 1. The August 31 balance shown on the bank statement is $9,810. 2. There is a deposit in transit of $1,260 at August 31. 3. Outstanding cheques at August 31 totalled $1,890. 4. A bank charge of $40 for cheques was made to the account during August, as shown on the bank statement. Although the company was expecting a charge, its amount was not known until the bank statement arrived. 5. In the process of ...