Cash in Bank
Per Books Per Bank
Balance, July 1 $17,600 $16,800
July receipts 81,400
July credits 82,470
July disbursements 77,150
Balance, July 31 $21,850
Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $3,470 for the collection of a $3,400 note plus interest revenue of $70. The July debits per bank consist of checks cleared $74,700 and a debit memorandum of $56 for printing additional company checks.
You also discover the following errors involving July checks: (1) A check for $230 to a creditor on account that cleared the bank in July was journalized and posted as $320. (2) A salary check to an employee for $255 was recorded by the bank for $155.
The June 30 bank reconciliation contained only two reconciling items: deposits in transit $7,000 and outstanding checks of $6,200.
Prepare a bank reconciliation at July 31. (List amounts from largest to smallest eg 10, 5, 3, 2
This question was asked on Mar 21, 2010.
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