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denpristay [2]
2 years ago
8

On July 31, 2022, Cullumber Company had a cash balance per books of $6,360.00. The statement from Dakota State Bank on that date

showed a balance of $7,910.80. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $17.00.
2. The bank collected $1,635.00 from a customer for Cullumber Company through electronic funds transfer.
3. The July 31 receipts of $1,316.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L. Taylor, a creditor, for $384.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348.00.
5. Checks outstanding on July 31 totaled $1,975.10.
6. On July 31, the bank statement showed an NSF charge of $690.00 for a check received by the company from W. Krueger, a customer, on account.
Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.)
Business
1 answer:
Bogdan [553]2 years ago
3 0

Answer:

Please see explanation below

Explanation:

Cullumber Company

Bank reconciliation statement

Cash balance per bank statement $7,910.80

Add: Deposits in transit $1,316.30

$9,227.1

Less outstanding checks ($1,975.10)

Adjusted cash balance per bank $7,252

Cash balance per books $6,360

Add Electronics funds transfer received $1,635

Totalled $7,995

Less:

Bank service charge $17

NSF check $690

Error in recording check no. 2480

($384 - $348) $36

Total balance to be deducted ($743)

Adjusted cash balance per books $7,252

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