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The Cash account of Snug as a Bug Security Systems reported a balance of $2,550 at December 31, 2018. There were outstanding checks totaling $1,900
The Cash account of Snug as a Bug Security Systems reported a balance of $2,550 at December 31, 2018. There were outstanding checks totaling $1,900 and a December 31 deposit in transit of $100. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,890. Included in the bank balance was a collection of $550 on account from Jane Lindsey, a Snug as a Bug customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Snug as a Bug earned on its bank balance. Prepare Snug as a Bug's bank reconciliation at December 31. Snug as a Bug Security Systems Bank Reconciliation December 31, 2018 Bank: Balance, December 31, 2018 ADD: LESS: Adjusted bank balance, December 31, 2018 Book: Balance, December 31, 2018 ADD: LESS: Adjusted book balance, December 31, 2018
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