Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

urgent QUESTION 1 (10 marks) On July 31, 2021, Bruce Company had a cash balance per books of $21,480. The bank statement from Citi Bank

urgent

QUESTION 1 (10 marks)

On July 31, 2021, Bruce Company had a cash balance per books of $21,480. The bank statement from Citi Bank on that date showed a balance of $33,050. A comparison of the bank statement with the Cash account revealed the following facts.

  1. Deposits in transit amounted to $8,250.
  2. The bank services charges for July were $150.
  3. A customer payment for a $2,250 receivable was collected by the bank but not yet recorded by Bruce Company.
  4. On July 31, the bank statement listed $20 interest earned on Bruce Company's checking account for the month of July. Bruce had not yet recorded this revenue.
  5. Outstanding checks as of July 31 totaled $18,300.
  6. Bank debit memorandum for $600 NSF (not sufficient funds) check from Ken Chan, a customer.

Required:

Prepare a bank reconciliation statement for Bruce Company at July 31, 2021.

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

Recommended Textbook for

Advanced Accounting

Authors: Joe Ben Hoyle, Timothy S. Doupnik, Thomas F. Schaefer, Oe Ben Hoyle

9th Edition

007337945X, 978-0073379456

More Books

Students also viewed these Accounting questions