Exercise 7-8 (Part Level Submission) The following information pertains to Carla

Question

Exercise 7-8 (Part Level Submission) The following information pertains to Carla Vista Company. 1. Cash balance per bank, July 31, $7,738 2· July bank service charge not recorded by the depositor $48. 3. Cash balance per books, July 31, $7,774 4. Deposits in transit, July 31, $3,110 S $2,426 collected for Carla Vista Company in July by the bank through electronic funds transfer. The collection has not been recorded by Carla Vista Company. 6. Outstanding checks, July 31, $696. Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & books first.) CARLA VISTA COMPANY Bank Reconciliation For the Month Ended July 31, 2017 7774 Cash balance per bank statement .TDeposits in transit Add 2426 10200 696 Add Outstanding checks 10896 Adjusted cash balance per bank Cash balance per books 48 Add | eposits in transit 3110 3158 Add Deposits in transit 4580 7738 Adjusted cash balance per books

Explanation / Answer

BANK RECONCILIATION STATEMENT Balance as per bank Statement 7738 Adjustment Add: Deposits in transit 3110 10848 Less: Oustanding checks 696 Adjusted balance as per bank statement 10152 Cash balance as per BOOks 7774 Adjustment Add: EFT from customer 2426 10200 Less: Service charges no recorded 48 Adjusted balance as per books 10152

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