On July 31, 2024, Daisy Company had a cash balance per books of $7,250. The statement from Canada Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts:

The bank service charge for July was $25. The bank collected $1,520 of rental revenue for Daisy Company through electronic funds transfer. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. The June 30 deposit of $2,350 was not included in the June bank statement. This amount was included in the July statement. Company cheque No. 2480 issued to M. Wallace, a creditor, for $384 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $348. Cash sales of $870 on July 28 were deposited in the bank. The journal entry to record the cash receipt and the deposit slip were incorrectly made out and recorded by the bookkeeper as $780. The bank detected the error on the deposit slip and credited Daisy Company for the correct amount. Cheques #2483 for $830.10, #2485 for $575.00, and #2488 for $455 were outstanding on July 31. On July 31, the bank statement showed an NSF charge of $800 for a cheque received by the company from H. Rai, on account. Included in this amount was a $50 service charge. The company policy is to bill the service charge back to the customer. Payment of the monthly insurance was made using a monthly scheduled EFT payment for $975 that the bookkeeper forgot to record.

Instructions

Prepare the bank reconciliation as at July 31