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balandron [24]
3 years ago
11

Cottage Co. deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close o

f business on December 31, its Cash account shows a debit balance of $18,367. The company’s bank statement as of December 31 shows an ending cash balance of $15,941. The following information was also available: Outstanding checks as of December 31 total $2,271. Included with the bank statement was a debit memo in the amount of $45 for service charges. Check No. 2519, listed with the canceled checks, was correctly drawn for $815 in payment of a utility bill on December 16. The company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $870. The December 31 cash receipts of $3,455 were placed in the bank’s night depository after banking hours and were not recorded on the December 31 bank statement. The bank deducted $1,252 for an NSF check from a customer deposited on December 10. Table is attached need help!
Business
1 answer:
Fiesta28 [93]3 years ago
5 0

Answer and Explanation:

The preparation of the bank reconciliation statement is presented below:

                                                  <u> Cottage Co. </u>

<u>                                     Bank reconciliation statements </u>

<u>                                                     At December 31 </u>

<u>Updates to Bank Statement                    Updates to Company books </u>

Ending bank balance as per              Ending bank balance as per Books

Bank statement $15,941                                         $18,367

Additions                                                           Additions

Deposit in transit $3,455                             Mistake $55 ($870-$815)  

Deductions                                                               Deductions  

Outstanding checks -$2,271                              Service charges - $45

                                                                            NSF check  -$1,252

Up to date ending balance                         Up to date ending balance  

$17,125                                                          $17125

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