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marusya05 [52]
3 years ago
5

Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $12,270. The bank st

atement indicated a balance of $15,440 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: Checks outstanding totaled $5,560. A deposit of $5,790, representing receipts of July 31, had been made too late to appear on the bank statement. The bank had collected $3,010 on a note left for collection. The face of the note was $2,860. A check for $800 returned with the statement had been incorrectly recorded by Stone Systems as $880. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. A check drawn for $400 had been incorrectly charged by the bank as $40. Bank service charges for July amounted to $50.
Required:
Prepare a bank reconciliation.
Business
1 answer:
prohojiy [21]3 years ago
5 0

Answer: Please see below for the reconciliation of bank and book balance for Stone systems as $15,310

Explanation:

Bank Reconciliation Statement  for July 31 , 20Y5  for Stone Systems

Particulars                                 Amount

Balance on bank statement       $15,440

Additions:  

Outstanding Deposits                       $5,790                        

Deductions:  

Outstanding checks                 $5,560

Bank Error (400-40)                        $360                                        

Adjusted bank balance            $15,310

Balance in books                          $12,270.                        

Additions:  

Note Collection plus interest    $3,010  

Incorrect recording of check

($880-$800)                                    $80  

Deductions

Bank Service charges                    $50  

Adjusted book balance       $15,310

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