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PSYCHO15rus [73]
3 years ago
9

Damon Company receives its monthly bank statement, which reports a balance of $1,875. After comparing this to the company’s cash

records, Damon’s accountants determine that deposits outstanding total $3,700 and checks outstanding total $3,950.
Required:
Calculate the reconciled bank balance for cash.
Business
1 answer:
anygoal [31]3 years ago
5 0

Answer:

The reconciled bank balance for cash is $1,625.

Explanation:

This question centres around bank reconciliation statement preparation. Bank reconciliation is a way of reconciling the bank statement to the cash book balance. Usually, there are discrepancies between the two as a result of direct bank transfers, standing orders, etc. The reconciling items are cleared within the business rule to avoid having aging items in the bank reconciliation.

To reconcile the bank balance for cash, we do the following:

Damon Company

Bank reconciliation statement

Balance per bank statement       $1,875

Add: Deposits outstanding         $3,700

Less: Checks outstanding        ($3,950)

Balance per cash book              $1,625

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Answer:

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