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Cottage Co deposits all cash receipts on the day when they are received and it makes all cash payments by check the love of business
Cottage Co deposits all cash receipts on the day when they are received and it makes all cash payments by check the love of business on December 31, its Cash occount shows a debit balance of $18.665. The company's bank statement as of December 31 shows an ending cash balance of $16,031 The following information was also available Outstanding checks as of December 31 total 52316 . Included with the bank statement was a debit memo in the amount of $90 for service charges Check No. 2519. listed with the canceled checks, wis correctly drawn for $860 in payment of a utility bill on December 16 The company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $960 The December 31 cash receipts of $3,590 were placed in the bank's night depository after banking hours and were not recorded on the December 31 bank statement . The bank deducted $1,360 for an NSF check from a customer deposited on December 10, 0.26 Required: Prepare the bank reconciliation as of December 31 Cottage Co Bank Reconciliation At December 31 Updates to Company's Books Ending Cash Balance per Books Additions: Updates to Bank Statement Ending Cash Balance per Bank Statement Additions: Deductions: Deductions: Up-to-date ending cash balance in in-date ending cash balance
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