Meredith Company gathered the following reconciling information in preparing its May bank reconciliation: Cash balance per books, 5/31 $3,338 Deposits in transit 162 Notes receivable and interest collected by bank 753 Bank charge for check printing 47 Outstanding checks 1,327 NSF check 154 Find the adjusted cash balance per books on May 31.

Meredith Company

Bank Reconciliation Statement for May 31:

Cash balance per books, 5/31     $3,338

add Notes receivable & interest       753

add Outstanding checks                 1,327

less Deposits in transit                       162

less Bank charge for check                 47

less  NSF check                                  154

Balance as per bank statement  $5,055

Explanation:

A bank reconciliation statement is a statement prepared monthly to reconcile the Cash book balance with the bank statement.  The process involves identifying the causes of the differences, correcting errors and then adding and subtracting the discrepancies to the cash book balance to obtain the balance as per the bank statement.  It can also be done vice versa.

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