The following information pertains to Bart Starr Sports. Inc. Cash balance per b

Question

The following information pertains to Bart Starr Sports. Inc. Cash balance per bank, July 31. $7,763 July service charge indicated on bank statement, $28 Cash balance per Bank Starr's general ledger, July 31,. $9,284 Deposits in transit, July 31. $1,500 Note collected by the bank for Bart Starr Sports, $900, plus interest earned $36. Outstanding checks, July 31, $591 NSF check from the Philadelphia Eagles for $1,020 was indicated on the bank statement. A check written by Peyton Manning for $500 was incorrectly charged to Bart Starr's account by the bank. Prepare a bank reconciliation at July 31. Also, prepare any required adjusting journal entries.

Explanation / Answer

enteries:

Balance as per Book 9284 Balance as per bank 7763 Less:service charge -28 Less:outstanding check - 591 NSF returned - 1020 Add:deposit in transit 1500 Add:incorrect charged by bank 500 Add:Note collected 936 Reconciled balance 9172 Reconciled balance 9172

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