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levacccp [35]
3 years ago
8

The Cash account of Safe and Secure Security Systems reported a balance of $2,490 at May 31, 2011. There were outstanding checks

totaling $500 and a May 31 deposit in transit of $300. The bank statement, which came from Tri Cities Bank, listed the May 31 balance of $3,360. Included in the bank balance was a collection of $680 on account from Ryan Saar, a Safe and Secure customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Safe and Secure earned on its bank balance.
Prepare Safe and Secure’s bank reconciliation at May 31.
Business
1 answer:
Alja [10]3 years ago
5 0
Book Balance :             $2,490                        Bank Balance:           $3,360
Add:                                                              Add:
Ryan Saar payment          680                         Deposits in Transit          300   
Interest Revenue                 10     
Less:                                                            Less:
Service Charge                ($20)                       Outstanding Checks       (500)
                             ===========                                              ==========
Cash Balance              $3,160                        Bank Balance            $3,160

*The payment made by Ryan Saar was directly deposited to the bank; therefor, it is not yet recorded in the company books. The same with the Interest Revenue Earned and Service Charge Fees.

*The Deposits in Transit and Outstanding Checks are not yet recorded in the bank because the deposits are still in transit while the outstanding checks are not yet cashed; however, these items were already recorded in the company books.
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