Assignment Gradebook ORION Downloadable eTextbook n Assignme URCES Exercise 7-8

Question

Assignment Gradebook ORION Downloadable eTextbook n Assignme URCES Exercise 7-8 (Part Level Submission) Level The following information pertains to Oriole Company. ork 1. Cash balance per bank, July 31, $7,538 2. July bank service charge not recorded by the depositor $44 3. Cash balance per books, July 31, $7,574. 4. Deposits in transit, July 31, $2,91o. 5. $2,226 collected for Oriole Company in July by the bank through electronic funds transfer. The collection has 6. Outstanding checks, July 31, $692. (a) Prepare a bank reconcillation at July 31, 2017. (List items that increase balance as per bank & books first.) ORIOLE COMPANY Bank RAsonciliation

Explanation / Answer

SOLUTION:

ORIOLE COMPANY BANK RECONCILIATION Cash balance per bank statement 7538 Add: Deposits in transit 2910 Less: Outstanding checks -692 Adjusted cash balance per bank 9756 Cash balance per books. 7574 Add: Collection of electronic fund 2226 Less: Bank service charge -44 Adjusted cash balance per books 9756

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