Question
HI, COULD SOMEONE HELP ME RESOLVE IN THE HURRY PLEASE? THANK YOU The summary portion of Red Recreation's October 31 bank statement is below. $17,825Balance,
HI, COULD SOMEONE HELP ME RESOLVE IN THE HURRY PLEASE? THANK YOU
The summary portion of Red Recreation's October 31 bank statement is below.
$17,825Balance, October 1
$52,500Deposits and other credits
$67,750Checks and other charges
$2,575Balance, October 31
The bank statement detail shows that the bank charged Red Recreation for a $500 NSF and that the bank deposited a note collection for Red Recreation in the amount of $2,715. Also, Red Recreation earned $80 interest and paid a safety deposit fee of $75. These items are in the summary figures above.
Red Recreation finds two errors. In one case, the bank improperly charged Red Recreation's account for a $425 check that should have been charged to another company's account. In the other case, the bank cleared a check for the correct amount of $350, but Red Recreation recorded the check in the company books as $530.
The September 30 bank reconciliation shows $6,250 deposits in transit and $4,100 outstanding checks.
Red Recreation's account ledger for October shows:
$48,000Deposits
$63,900Checks
$4,075Balance, October 31
REQUIRED:
Fill in the amounts for Red Recreation's October 31 bank reconciliation in the template below. There are 20 items that require an entry.
NOTE: The template includes some line items that may be inappropriate. If a line item does not apply and/or the amount should be zero, enter 0. All items left blank will be marked as incorrect and result in points deducted.
You do not have to enter the correct cash balance on the book side. This amount should, of course, be the same as the correct cash balance on the bank side.
Format guidance: Enter whole numbers only. No dollar signs, commas, or decimal points.
Examples: 1000 or 20000
Balance per bank statement, October 31
Add: Bank error
Add: Deposits in transit
Add: Interest earned
Less: Bank error
Less: NSF
Less: Outstanding checks
Less: Safety deposit fee
Correct cash balance, October 31
Balance per books, October 31
Add: Book error
Add: Deposits in transit
Add: Interest earned
Add: Note collection
Add: NSF
Less: Book error
Less: Note collection
Less: NSF
Less: Outstanding checks
Less: Safety deposit fee
XXXCorrect cash balance, October 31
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