The following information pertains to Crane Company. 1. Cash balance per bank, July 31, $7,134. 2. July bank service charge not
recorded by the depositor $41. 3. Cash balance per books, July 31, $7,216.4. Deposits in transit, July 31, $2,911. 5. $1,640 collected for Crane Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Crane Company. 6. Outstanding checks, July 31, $1,230. Prepare a bank reconciliation at July 31, 2017.
1 answer:
Answer:
Explanation:
Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.
There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.
The preparation of the bank reconciliation statement on July 31 is presented in the spreadsheet. Kindly find the attachment below:
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Answer:
x1 = 4891.294
Explanation:
given data
mean μ = $5,793
standard deviation σ = $439
solution
we know here that
P(x < x1 ) = 0.02 .................1
so
so
= invNorm(0.02)
so
x1 = μ + σ × invNorm(0.02) .....................2
we use here table for invNorm(0.02) and put value in eq 2
x1 = 5793 + 439 × (-2.054 )
x1 = 4891.294