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ivolga24 [154]
3 years ago
10

On October 31, 2021, Damon Company’s general ledger shows a checking account balance of $8,415. The company’s cash receipts for

the month total $74,440, of which $71,325 has been deposited in the bank. In addition, the company has written checks for $72,485, of which $71,090 has been processed by the bank. The bank statement reveals an ending balance of $12,165 and includes the following items not yet recorded by Damon: bank service fees of $210, note receivable collected by the bank of $5,600, and interest earned on the account balance plus from the note of $620. After closer inspection, Damon realizes that the bank incorrectly charged the company’s account $540 for an automatic withdrawal that should have been charged to another customer’s account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021.
Business
1 answer:
Slav-nsk [51]3 years ago
7 0

Answer:$14,425

Explanation:

Adjusted cash balance:

Balance as per cashbook: $8,415

Add note receivable: $5,600

Add interest earned: $620

Less bank service fees: ($210)

Adjusted cash balance: $14,425

Bank Reconciliation statement:

Adjusted cash balance: $14,425

Add outstanding checks($72,485-$71,090): $1,395

Less uncredited checks($74,440-$71,325): ($3,115)

Less Bank Error: ($540)

Balance as per bank statement: $12,165

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