Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to Crane Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $17.470. During the month of July, Crane

image text in transcribed
image text in transcribed
The following information relates to Crane Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $17.470. During the month of July, Crane recorded cash receipts of $23,300 and cash payments of $24,300 in the general ledger Cash account. An examination of the company's July bank statement shows a balance of $19.410 on July 31: outstanding cheques $3,780, deposits in transit $1,600; EFT collections on account that were not yet recorded on the books $2.198: NSF cheque $1.242: NSF fee $78; and bank service charges $118. Determine the cash balance per Crane Limited's books. w Cash balance $ Prepare the bank reconciliation at July 31. (List Items that increase balance as per bank & books first.) Crane Limited Bank Reconciliation July 31 > Crane Limited Bank Reconciliation July 31 >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Classify delivery styles by type.

Answered: 1 week ago