Illustrative Problem The bank statement for Urethane Company for June 30, 2015 indicates a balance of $9,143.11. All cash receipts are depositied each evening in a night depository, after banking hours. The accounting records indicate the following summary data for cash receipts and payments for June: Cash balance as of June 1 $3,943.50 Total cash receipts for June $28,971.60 Total amount of checks issued in June $28,388.85 Comparing the bank statement and the accompanying canceled checks and memorandums with the records reveals the following reconciling items: a) The bank had collected for Urethane Company $1,030 on a customer's note left for collection. The face of the note was $1,000. b) A deposit of $1,852.21, representing receipts of June 30, had been made too late to appear on the bank statement. c) Checks outstandi totaled $5,265.27. d) A check drawn for $157 had been incorrectly charged by the bank as $175. e) A check for $30 returned with the statement had been recorded in the company's records as $300. The check was for the payment of an obligation to Avery Equipment Company for the purchase of office supplies on account. f) Bank service charges for June amounted to $78.20