Exercise 8-11 (Part Level Submission) (a) CRANE VIDEO COMPANY Bank Reconciliatio

Question

Exercise 8-11 (Part Level Submission)

(a)

CRANE VIDEO COMPANY
Bank Reconciliation
July 31

Exercise 8-11 (Part Level Submission)

The following information pertains to Crane Video Company.
1. Cash balance per bank, July 31, $7,263. 2. July bank service charge not recorded by the depositor $28. 3. Cash balance per books, July 31, $7,284. 4. Deposits in transit, July 31, $1,300. 5. Bank collected $700 note for Crane in July, plus interest $36, less fee $20. The collection has not been recorded by Crane, and no interest has been accrued. 6. Outstanding checks, July 31, $591.

Explanation / Answer

CRANE VIDEO COMPANY Bank Recocilation July 31 Bank's Cash Balance Company's Cash Balance Per Bank Statement            7,263.00 Per General Ledger         7,284.00 Add: Add: Deposit in Transit            1,300.00 Proceeds of note collected by bank                700.00 Bank Interest Recd                   36.00            736.00            8,563.00         8,020.00 Less: Less: Outstanding Checks:             (591.00) Bank Service Charges - July                (28.00) Note Collection charges                (20.00) NSF Check            (48.00) Bank Balance after Reconcilation            7,972.00 Company Balance per Reconcilation         7,972.00

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