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On July 31, 2022, Crane Company had a cash balance per books of $6.245.00. The statement from Dakota State Bank on that date showed
On July 31, 2022, Crane Company had a cash balance per books of $6.245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.80. A comparison of the bank statement with the Cash account revealed the following facts 1 The bank service charge for July was $16.00 2 The bank collected $1,625.00 from a customer for Crane Company through electronic funds transfer. 3. A The July 31 receipts of $1,304.30 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 L. Taylor, a creditor, for $284.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $245.00. 5. Checks outstanding on July 31 totaled $1,965.10. 6. On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account. (a) Your answer is correct Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 5.275.25.) CRANE COMPANY Bank Reconciliation July 31, 2022 Cash balance per bank statement Add Deposits in transit Less D Outstanding checks Adjusted cash balance per bark 37958 1304.30 9100.10 196530 713500 Cash balance per books 345.00 AM Electronic funds transfer received 162500 PATLING winding check New 2480
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