recorded by the bank as i Learning Objective s $7-8 Proparing a bank reconciliat

Question

recorded by the bank as i Learning Objective s $7-8 Proparing a bank reconciliation The Cash account of Safery Security Systems reported a balance of $2,450 at December 31, 2016. There were outstanding checks totaling $1,700 and a December 31 deposit in transit of $300. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,460. Included in the bank balance was a collection of $620 on account from Brendan Ballou, a Safety customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Safety earned on its bank balance. Prepare Safety's bank reconciliation at December 31

Explanation / Answer

Bank reconsilation statement for the year ended 31-dec-2018

NOTE:

Balance as per cash book 2450$ ADD: Checks issued but not coollected for payment 1700 checks deposited directly by customer 620 intrest credited by bank 10 2330$ less: checks deposited but not collected 300 service charges 20 (320)$ Balance as per bank statement 4460$

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.