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John Brown operates a retail store. He just received the 31st July bank statement from National Bank and the statement shows an ending balance
John Brown operates a retail store. He just received the 31st July bank statement from National Bank and the statement shows an ending balance of $2925. Listed on the statement are an EFT rent collection of $1848, a service charge of $28, dishonoured cheques totalling $1407 and a $30 charge for printed cheques. In reviewing his cash records, Brown identifies outstanding cheques totalling $1316 and a deposit in transit of $1250. During April, he recorded a $340 cheque by debiting Salary expense and crediting Cash for $34. John Brown's Cash account shows a 31st July balance of $2782. Prepare the bank reconciliation at 31st July and calculate the adjusted bank balance.
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