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On July 31. Cullumber Ltd. had a cash balance of $20.450 in its general ledger. The bank statement from the Caisse Populaire on that date
On July 31. Cullumber Ltd. had a cash balance of $20.450 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $34,512. A comparison of the bank statement with the Cash account revealed the following: 1. The bank statement included service charges and debit and credit card processing fees of $178. 2 The bank statement included electronic collections from customers on account totalling $8.340. Cullumber had not recorded the EFT. 3. A deposit of $4,870 made by another company was incorrectly added to Cullumber's account by the Caisse Populaire. 4 Salaries of $6,580 were paid electronically during the month. The company has already recorded these. 5. Cheques outstanding on June 30 totalled $4,400. Of these, $3,370 worth cleared the bank in July. All cheques written in July cleared the bank in July. (a) Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) CULLUMBER LTD. Bank Reconciliation July 31 $ Cash balance per bank statement 34512 Add > $ $ Less Outstanding cheques > $ Save for Later Attempts: 0 of 1 used Submit
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