The following information pertain to Craane Corporation: Balance Per bank statem
ID: 2472173 • Letter: T
Question
The following information pertain to Craane Corporation: Balance Per bank statement, July 31, 2014 $7,263 July bank service charge not recorded by the bank depositor is $ 28 Cash balance per cash book July 31, 2014 $7,284 Deposits in transit July 31, 2014 $1,300 Bank collected $700 for the Company plus interest of $30.00 less I $ $26 char has not been recorded by the Company and no interest has been accrued. Outstanding checks were $591. Required: Prepare a bank reconciliation for Crane Company as of July 31, 2014.Explanation / Answer
Crane Company
Bank Reconciliation
As of July 31, 2014
Balance as per bank statement, July 31, 2014
$ 7,263
Add: Deposit in transit
$ 1,300
Less: Outstanding checks
$ (591)
Adjusted Cash balance
$ 7,972
Cash balance as per Cash book, July 31, 2014
$ 7,284
Less: Bank Service Charge
$ (28)
Add: Collection from note (700+30-26)
$ 704
Adjusted Cash balance
$ 7,960
Crane Company
Bank Reconciliation
As of July 31, 2014
Balance as per bank statement, July 31, 2014
$ 7,263
Add: Deposit in transit
$ 1,300
Less: Outstanding checks
$ (591)
Adjusted Cash balance
$ 7,972
Cash balance as per Cash book, July 31, 2014
$ 7,284
Less: Bank Service Charge
$ (28)
Add: Collection from note (700+30-26)
$ 704
Adjusted Cash balance
$ 7,960
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.