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Alja [10]
3 years ago
15

On July 31, 2017, Crane Company had a cash balance per books of $6, 245.00. The statement from Dakota State Bank on that date sh

owed a balance of $7, 795.80. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $16.00.
2. The bank collected $1, 625.00 for Crane Company through electronic funds transfer.
3. The July 31 receipts of $1, 307.30 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, 965.10
6. On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account.
Prepare the bank reconciliation as of July 31.
Business
1 answer:
worty [1.4K]3 years ago
3 0

Answer and Explanation:

The preparation of the bank reconciliation is presented below:

cash balance per books $6,245.00

Less Bank Service Charge $16

Less error correction for check No.2480 $36 ($384 - $348)

Add: note receivable collected $1,625

Less: NSF check $680  

Adjusted cash book balance $7,138

bank statement balance $7,795.80

Less: Outstanding checks $1,965.10

Add: Deposits in transit $1,307.30

Adjusted bank statement bal. $7,138

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