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Brett Midas operates a roller skating center, Rollerworld USA. He has just received the monthly bank statement at January 31 from Warington National Bank, and
Brett Midas operates a roller skating center, Rollerworld USA. He has just received the monthly bank statement at January 31 from Warington National Bank, and the statement shows an ending balance of $735. Listed on the statement are an EFT rent collection of $295, a service charge of $9, two NSF checks totaling $120, and an $11 charge for printed checks. In reviewing his cash records, Midas identifies outstanding checks totaling $607 and a January 31 deposit in transit of $1,795. During January, he recorded a $220 check for the salary of a part-time employee as $22. Midas's Cash account shows a January 31 balance of $1,966. Requirement 1. How much cash does Midas actually have at January 31, 2016? Prepare the Bank section, then the Book section of the bank reconciliation to determine how much cash Midas actually has at January 31. (Include the balances at January 31 in each of the addition subtotal calculations. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Brett Midas Bank Reconciliation January 31, 2016
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