Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On July 31, 2014, Redeker Company had a cash balance per books of dollar 6,380. The statement from Nashota State Bank on that date showed

image text in transcribed
On July 31, 2014, Redeker Company had a cash balance per books of dollar 6,380. The statement from Nashota State Bank on that date showed a balance of dollar 7,930.80. A comparison of the bank statement with the Cash account revealed the following facts. The bank service charge for July was dollar 19. The bank collected a note receivable of $1,681 for Redeker Company on July 15, plus dollar 36 of interest. The bank made a dollar16 charge for the collection. Redeker has not accrued any interest on the note. The July 31 receipts of $1,380.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to T. Laird, a creditor, for $374.00 that cleared the bank In July was incorrectly entered in the cash payments journal on July 10 for dollar 347.00. Checks outstanding on July 31 totaled dollar 2,032.10. On July 31, the bank statement showed an NSF charge of dollar 756 for a check received by the company from K. Wgner, a customer, on account. Prepare the bank reconciliation as of July 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions