PR 7-3B Bank reconciliation and entries statement indicated a balance of $33,650

Question

PR 7-3B Bank reconciliation and entries statement indicated a balance of $33,650 on July 31, 20Y5. Comparing the bank reconciling items: A. Checks outstanding totaled $17,865. 8. A deposit of $9,150, representing receipts of July 31, had been made too late to appear on the ba C. The bank had collected $6,095 on a note left for collection. The face of the note was $5,750 lan 4,305 n:The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $17,750 bank statement Is the following ancd the accompanying canceled checks and memos with the records reveals the folomir PAEB nk statemer A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as $930. The check was for the payment of an obligation to Holland Co.for the purchase of office supplies on account D. IGER E. A check drawn for $1,810 had been incorrectly charged by the bank as $1,180. F. Bank service charges for July amounted to $80

Explanation / Answer

Stones Systems Bank reconciliation July 31st 2016 Cash Balance as per Bank Statement 33650 Add Deposit of July 31, not recorded in Bank 9150 Bank error in Charging check as $ 1180 instead of 1810 -630 8520 42170 deduct O/s Checks 17865 Adjusted balance 24305 Cash Balance as per Company Records 17750 Add Proceeds of note collected by bank 6095 23845 Deduct Errors in recording 540 Bank charges -80 460 Adjusted balance 24305 3) If a balance sheet were prepared for Stone Systems on July 31, 2016, $24,305.00 should be reported

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