Answered

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The following information pertains to Sheridan Video Company.

1. Cash balance per bank, July 31, $7,943.
2. July bank service charge not recorded by the depositor $37.
3. Cash balance per books, July 31, $7,964.
4. Deposits in transit, July 31, $1,840.
5. Bank collected $1,240 note for Sheridan in July, plus interest $45, less fee $29. The collection has not been recorded by Sheridan, and no interest has been accrued.
6. Outstanding checks, July 31, $600.

Required:
Prepare a bank reconciliation at July 31.

Sagot :

Tundexi

Answer:

Bank reconciliation for the month ended July 31

Particulars                                       Amount

Balance as per bank                       $7,943

Add: Deposit in transit                    $1,840

Less: Outstanding checks              $600  

Adjusted balance as per bank      $9,183

Balance as per books                      $7,964

Add: Direct collections by bank      $1,256

($1,240 + $45 - $29)

Less: Bank charges                          $37    

Adjusted balance as per books     $9,183

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