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On October 31, 2024, Pharoah Manufacturing Ltd. (PML) received its bankstatement from Big Bank. It stated that PML had a balance of $8,000 at October

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On October 31, 2024, Pharoah Manufacturing Ltd. (PML) received its bankstatement from Big Bank. It stated that PML had a balance of $8,000 at October 31. The company's general ledger showed a cash balance of $8,631 at that date. A comparison of the bank statement and the accounting records revealed the following information: - Bank service charges for the month were $30. - The company had written and maled out cheques with a value of $1,300 that had not yet cleared the bank. - Acheque from one of PML's customers in the amount of $700 that had been deposited during the last week of October was returned with the bankstatement as NSF. - A payment of $221 for monthly insurance expense was automatically deducted from PML's bank account on October 22 PML's bookkeeper had forgotten to record this transaction. - During the month, the company's bookkeeper had recorded a cheque ( 01872 ) paid for utilities as $575 rather than $755 (which was the amount written on the cheque and processed by the bank). - The cash receipts for October 31 amounted to $800 and had been deposited in the night drop slot at the bank on the evening of October 31. These were not reflected on the bank statement for October. Pharoah Manufacturing Ltd. Bank Reconciliation $

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