Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Cash account of Rettell Corporation had a balance of $3,470 at August 31, 2018. Included were outstanding checks totaling $1,800 and an August 31
The Cash account of Rettell Corporation had a balance of $3,470 at August 31, 2018. Included were outstanding checks totaling $1,800 and an August 31 deposit of $300 that did not appear on the bank statement. The bank statement, which came from Park State Bank, listed an August 31 balance of $5,615. Included in the bank balance was an August 30 collection of $674 on account from a customer who pays the bank directly. The bank statement also showed a $27 service charge, $18 of interest revenue that Rettell earned on its bank balance, and an NSF check for $20. Read the requirement Prepare a bank reconciliation to determine how much cash Rettell actually had at August 31. (Include the balances at August 31 in each of the addition subtotal calculations.) Rettell Corp. Bank Reconciliation The Cash account of Rettell Corporation had a balance of $3,470 at August 31, 2018. Included were outstanding checks totaling $1,800 and an August 31 deposit of $300 that did not appear on the bank statement. The bank statement, which came from Park State Bank, listed an August 31 balance of $5,615. Included in the bank balance was an August 30 collection of $674 on account from a customer who pays the bank directly. The bank statement also showed a $27 service charge, $18 of interest revenue that Rettell earned on its bank balance, and an NSF check for $20. Read the requirement Prepare a bank reconciliation to determine how much cash Rettell actually had at August 31. (Include the balances at August 31 in each of the addition subtotal calculations.) Rettell Corp. Bank Reconciliation August 31, 2018 Bank Balance August 31 Add: Books Balance, August 31 Add Subtotal Less Bank collection Deposit in transit Interest revenue NSF check Outstanding checks Service charge A 41 Choose from any list or enter any number in the input fields and then continue to the next question o The Cash account of Rettell Corporation had a balance of $3,470 at August 31, 2018 Included were outstanding checks totaling $1,800 and an August 31 deposit of $300 that did not appear on the bank statement. The bank statement, which came from Park State Bank, listed an August 31 balance of $5,615. Included in the bank balance was an August 30 collection of $674 on account from a customer who pays the bank directly. The bank statement also showed a $27 service charge, $18 of interest revenue that Rettell earned on its bank balance, and an NSF check for $20. Read the requirement Cup Bank Reconciliation August 31, 2018 Bank Books Balance August 31 Add Balance August 31 Add: Subtotal Subtotal Less Less Adjusted bank balance Adjusted book balance Rettell has cash of $ at August 31 Choose from any list or enter any number in the input fields and then continue to the next
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started