The following information pertain to Craane Corporation: Balance Per bank statem
ID: 2472175 • 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 charge. The collection 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
(1)
Cash balance as per bank statement $ 7263
Add : Deposits in transit $ 1300
Less : Outstanding checks $ 591
Adjusted Cash Balance per bank $ 7972
Cash balance per books $ 7284
Add : Note Receivable $ 716
Less : Bank service charge $ 28
Adjusted Bank Balance per bank $ 7972
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.