The bank portion of last month's bank reconciliation for Crane Ltd. at February 28 was as follows: CRANE LTD Bank Reconciliation February 28 Cash balance per bank Add: Deposits in transit $18,022 3,126 21,148 Less: Outstanding cheques #3451 $1,948 #3470 2,151 4,099 Reconciled cash balance $17,049 The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following: CRANE LTD Bank Statement March 31 Amounts Deducted from Account (Debits) Amounts Added to Account (Credits) Description Balance 18,022 16,074 3,12619,200 17,049 1,96519,014 17,347 16,478 16,443 15,220 13,397 3,24016,637 Date Feb. 28 Opening balance Mar. 1 Cheque, No. 3451 1,948 1 Deposit 2 Cheque, No. 3470 2,151 Deposit 9 Cheque, No. 3471 10 Returned cheque-NSF, J. Mustafa 10 NSF fee 15 EFT, loan payment 19 Cheque, No. 3472 26 Deposit 31 EFT, collection on account from 1,667 869 35 1,223 1,823 M. Boudreault 608 17,245 31 Bank service charges and credit card fees 89 17,156 Crane's cash receipts and payments for the month of March showed the following: Cash Receipts Cash Payments Date Date Mar. 4 26 31 Amount $1,965 3,240 4,028 $9,233 Mar. 7 3471 15 3472 29 3473 Number Amount $1,667 1,283 4,971 $7,921 Additional information: 1. The EFT loan payment should have been recorded by the company on March 15, but this entry was missed. The payment included $83 of interest and a $1,140 payment on the loan principal 2. The bank made an error processing Cheque #3472 3. The EFT collection was not previously recorded 4. Bank service charges and credit card fees totalling $89 were not previously recorded Your answer is incorrect. Try again. Calculate the cash balance per books at March 31, prior to reconciliation. Caash balance per books at March 31 j Your answer is incorrect. Try again. What is the amount of the deposits in transit at March 31? Deposit in transit x Your answer is incorrect. Try again. What is the amount of the outstanding cheques at March 31? Outstanding cheques Prepare the bank reconciliation at March 31. (List items that increase balance as per bank & books first.) YAP LTD Bank Reconciliation March 31 Prepare any journal entries required from the reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 31 To record EFT collections) 31 To record bank charges and fees) 31 To record NSF cheque and fee) 31 To record EFT loan payment)
