Unformatted text preview: by check. On December 31, after posting was completed, its Cash account showed a $3,775 debit balance, but its December 31 bank statements showed only $3,256.50 on deposit in the bank on that day. Prepare a bank reconsciliation for the store, using the following information: • Outstanding checks: $500 • Included with the December canceled checks returned by the bank was a $10 debit memorandum for bank services. • Check No.642 returned with the canceled checks was correctly drawn for $28 in payment of the telephone bill and was paid by the bank on December 8, but it had been recorded with a debit to Telephone Expense and credit to bank as though it were for $82. • The December 31 cash receipts, $1,062.50 were placed in the bank’s night depository after banking hours on that date and were unrecorded by the bank at the time the December bank statement was prepared....
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- Spring '07
- Finance, Cheque, Generally Accepted Accounting Principles, petty cash fund