The Cash account of Randolf Corp. reported a balance of $3,480 at October 31, 20

Question

The Cash account of Randolf Corp. reported a balance of $3,480 at October 31, 2016. Included were outstanding checks totaling $1,700 and an October 31 deposit of $200 that did not appear on the bank statement. The bank statement, which came from Parway State Bank, listed arn October 31 balance of $5,560. Included in the bank balance was an October 30 collection of $598 on account from a customer who pays the bank directly. The bank statement also shows a $18 service charge, $20 of interest revenue that Randolf earned on its bank balance, and an NSF check for $20. Prepare a bank reconciliation to determine how much cash Randolf actually has at October 31. (Include the balances at October 31 in each of the addition subtotal calculations.) Bank Books Balance, October 31 Balance, October 31 Add: Subtotal Subtotal Choose from any list or enter any number in the input fields and then continue to the next question.

Explanation / Answer

Randolf Corp Bank Reconciliation 31 October 2016 Bank Cash Books Balance 31 Oct $5,560.00 Balance, 31 Oct $3,480.00 Add: Deposit in Transit $200.00 Add: Bank Collection $598.00 Less: Outstanding -$1,700.00 Interest Revenue $20.00 Less: Service Charges -$18.00 NSF -$20.00 Adjusted Bank Balance $4,060.00 Adjusted Book Balance $4,060.00

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