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CULLUMBER COMPANY Bank Reconciliation July 31, 2024 Bank service charge $ Add Deposit in transit $ $ SUPPORT On July 31, 2024, Cullumber Company had
CULLUMBER COMPANY Bank Reconciliation July 31, 2024 Bank service charge $ Add Deposit in transit $ $ SUPPORT On July 31, 2024, Cullumber Company had a cash balance per books of $6,437.00. The statement from Canada Bank on that date showed a balance of $7,720.00. A comparison of the bank statement with the Cash account revealed the following facts: 1. The bank service charge for July was $40.00. 2. The bank collected $2,150.00 of rental revenue for Cullumber Company through electronic funds transfer. 3. The July 31 receipts of $1,260.00 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. The June 30 deposit of $2,460.00 was not included in the June bank statement. This amount was included in the July statement. 5. Company cheque No. 2480 issued to M. King, a creditor, for $385.00 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $358.00. 6. Cash sales of $857.00 on July 28 were deposited in the bank. The journal entry to record the cash receipt and the deposit slip were incorrectly made out and recorded by the bookkeeper as $587.00. The bank detected the error on the deposit slip and credited Cullumber Company for the correct amount. 7. Cheques #2483 for $860.00, \#2485 for $650.00, and #2488 for $450.00 were outstanding on July 31 . 8. On July 31, the bank statement showed an NSF charge of $800.00 for a cheque received by the company from H. Johnson, on account. Included in this amount was a $60.00 service charge. The company policy is to bill the service charge back to the customer. 9. Payment of the monthly insurance was made using a monthly scheduled EFT payment for $970.00 that the bookkeeper forgot to record
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